WORKING HOURS

9:00am to 06:30pm

CALL US

+91 11 29945946

MAIL US

info@icif.in

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) 

welcome-img

News Updates

  • Online admission for second batch of MBA Insurance 2018 - 2020 at Jamia Hamdard

    Online admission for second batch of MBA Insurance 2018 - 2020 at Jamia Hamdard, Deemed University, New Delhi has started. The link is https://admissions. jamiahamdard.edu This insurance course is being run by Jamia Hamdard in collaboration with Asean Institute of Insurance & Risk M...

    Read More
  • ISLAMIC FINANCE EMBRACING SMALL, MEDIUM ENTERPRISES

    There is an ongoing trend in countries with Islamic finance ecosystems of discovering the importance of small and medium enterprises (SMEs) for economic well-being and growth.  Traditionally, SMEs have not played a substantial role in oil-rich Middle Eastern countries where the economy used ...

    Read More
  • INDONESIA PRESIDENT OPTIMISTIC ON GROWTH OF FUNDS FOR MICRO WAKAF BANKS

    Banten, March 14 -- President Joko Widodo (Jokowi) is optimistic that several people would come forward to donate funds to micro 'wakaf' banks in Indonesia, thereby encouraging the development of the micro business sector. "We will push donors as much as possible. I am certain many people want...

    Read More
  • PIL PRAYS FOR ISLAMIC BANKING IN J&K

    High Court Issues Notices; Asks Union Finance Ministry, RBI, J&K Bank, J&K Government To Respond D A RASHID Srinagar, Publish Date: Mar 20 2018 The High Court on Monday asked Union Finance Ministry, Reserve Bank of India, Jammu and Kashmir Government and Jammu and Kashmir Bank to respond t...

    Read More
  • HC ISSUES NOTICES ON FEASIBILITY OF ISLAMIC BANKING

    Srinagar, Mar 19: High Court today sought response from the authorities to the PIL seeking feasibility of introducing Islamic Banking in the State. The Division Bench of Justice Mohammad Yaqoob Mir and Justice D S Thakur granted four weeks time to Union Ministry of Finance, Reserve Bank of India, C...

    Read More
  • ISLAMIC BANKING & FINANCE SUMMIT HELD

    Organized by IBK-Islamic Banking Kashmir On 18th March, Islamic banking and finance summit was held at Hotel City Plaza Durganag Dalgate. The summit was attended by huge gathering besides some key Islamic banking scholars. Dr. Iqbal Malik, the chief coordinator of the event started the proceedin...

    Read More
  • GLOBAL HALAL EXPO INDIA 2018, 31st August-2nd September 2018

    GLOBAL HALAL EXPO INDIA 2018  Co-Located with India Foodex 2018  31st August-2nd September 2018, Bangalore,India Media Today Group, a 22 year old company, is engaged in organizing exhibitions and also publishes trade magazines like Agribusiness & Food Industry , Floriculture Today ...

    Read More