UAE: Arabian Scandinavian Insurance converts to takaful

Source: Middle East Insurance Review | Apr 2015

Arabian Scandinavian Insurance Co (Ascana Insurance) has converted its operations from conventional to takaful.

The company said in a statement that it had made the required modifications to practise its business on a cooperative basis, and will provide Islamic insurance products.

Ascana Insurance added that there will be no changes to policyholders’ rights. The renewal of any contract between the company and its customers will be conducted in accordance with the rules and regulations of the takaful system.

The company said it is ready to deal with any objections raised by its customers with full transparency and clarity. It is also willing to make the necessary adjustments should any customers be unwilling to transform their subscriptions to the takaful system.

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