Sharia Compliant Offering
Takaful products are in compliance with the demands of Sharia, or Muslim law. They make it possible for people of Muslim faith to enjoy the full benefits of life insurance. Sharia forbids trading and investing in weapons, gambling, pork and certain other fields of business. In many ways, it limits the investment risk.
Sharia also forbids the European insurance practice of assessing a potential client's mortality. Gambling is not allowed in the Islamic doctrine, and the Islamic religious leaders consider the European concept to be a bet on the life of another person. To allow for this, FWU Group had to develop an entirely new risk-management system and integrate it into the product.
Transparency for our Clients
Sharia demands that the client has the greatest possible right to transparent products. Insurance conditions that are not understandable for the policyholder mean that the policy can be rendered null and void at any time. Transparency, or "Gharar" in Arabic, is a key factor that also means that all costs charged in the Arabic products have to be disclosed in detail. FWU Group also has a pioneering role in this field, as we have been able to implement the Sharia structures within a Wakalah model in such a way that they are controllable for the company, while also providing attractive and conventional life insurance for clients.