Atrium now writes (Re)Takaful business
Atrium has responded to the growing global demand for (Re)Takaful financial products.
Following the establishment of Atrium Syndicate 2609, Islamic businesses worldwide are able to access our security, which is backed by the full faith and credit of Lloyd’s of London. Click here for more information.
(Re)Takaful is an Islamic alternative to traditional (re)insurance, similar to the mutual insurance model. ‘Contributions’ are placed in a Participant (Re)Takaful Fund, with claims also being paid out of this fund. The same coverages are offered to the client as with the traditional (re)insurance model.
Atrium 2609’s (Re)Takaful Structure:
Atrium 2609’s model is based on the Wakalah Waqf model. We have established a Waqf Fund (i.e. the Participant (Re)Takaful Fund), into which clients’ contributions are placed. For this purpose, we have a Shariah-compliant bank account with Citibank, and Shariah guidelines are strictly followed regarding the segregation of monies.
We have worked with Lloyd’s to obtain the necessary permissions to transact (Re)Takaful business. Our separate syndicate structure means we are able to conduct business and process contributions in a Sharia-compliant way.
We have retained a recognised Shariah Advisor, Mufti Muhammad Ibrahim Essa, who will advise us on developing our (Re)Takaful offerings in a way that meets customers’ needs. We will be subject to regular auditing to ensure our business continues to be administered in a Shariah-compliant manner.
Atrium has been issued a certificate of Shariah compliance which can be downloaded here.
Atrium can currently offer (Re)Takaful coverage for Political Violence & Terrorism with a stamp capacity of USD 100,000,000.