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Islamic insurer sends out refund cheques to claim-free customers

Takaful Insurance of Africa Chief executive Mr Hassan Bashir. Photo/FILE
Takaful Insurance of Africa Chief executive Mr Hassan Bashir. Photo/FILE  NATION MEDIA GROUP

Takaful Insurance of Africa Thursday paid Sh15.6 million to 30 policy holders who did not make any claims on their covers.

The Shariah-compliant insurer paid the amount from the Sh26 million net profit the firm made in 2011 out of Sh178 million-worth of premiums.

Paying policy holders who do not make a claim is part of the Shariah principle of sharing risk and reward between the policy holder and the provider, which in this case translates to 60 per cent of profits being distributed to accident-free customers.

“They were selected from all our branches across the nation, to represent all those who were to receive the surplus profit cheques,” said Takaful Insurance chief executive Hassan Bashir.

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