Sharia Insurance

Introduction

Sharia insurance operates within the framework of Islamic law that is different to the traditional insurance, the latter of which involves the transfer of risk from the policyholder to the insurer. In contrast, sharia insurance adopts a cooperative model under which participants pool their contributions to provide mutual assistance for those who are in need of assistance.

Legal services in the area of sharia insurance cater to the needs of businesses seeking insurance coverage compliant with Islamic principles and play a crucial role in upholding the principles of Islamic law within the insurance industry.

Depth of experience

Our sharia insurance team has the experience to provide legal guidance and support, assisting clients to navigate this specialised field, including:

establishment and governance of sharia insurance companies (advising on the legal and regulatory requirements specific to sharia-compliant insurance operations, including licensing and registration); and assisting with dispute resolution relating to insurance claims, policy interpretation and contractual disagreements.