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Report of Rajya Sabha Select Commitee on Insurance

The Rajya Sabha Select Committee on the Insurance Bill 2008 has finally tabled its report in the Parliament.We are glad to inform that our representations has succeeded in drawing the attention of learned members and they have dedicated a paragraph on our submission to them. . Relevant portion of the report is copied here for your ready reference: 

14.5.2 A representative of the Indian Centre of Islamic Finance apprised the Committee about the benefits of the ‘Takaful’ system of insurance as compared to the conventional system of Insurance. He stated that the ‘Takaful’ system is based on the mutual co-operation, responsibility, assurance, protection and assistance between groups of participants and across the globe 26% to 33% of insurance comes from such mutuality and cooperation. He suggested that in addition to the conventional system, the other systems of insurance viz.‘Takaful’ should be also allowed to promote competition, diversity and to stop fraudulent activities that has been reported in conventional insurance business. He submitted that homogenization of insurance industry is not good for the country and all kinds of structures and products that are possible to help financial inclusion of people must be looked into. The representative pointed out that the GIC is offering Islamic Insurance in the middle-east countries and is doing good business there. He however added that before its introduction, the aspect of regulatory gap may also be looked into, as many insurance companies are offering products without registration. He suggested the hybrid model of Islamic insurance existing in almost 75 countries, especially in the middle-east, which can bring huge investments in the country from a large number of Islamic Insurance Companies, must be explored. (p.19 &20) 

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