Takaful is a mutual assurance service based on Islamic finance principles. rnInvestments of the insurance funds are placed in non-interest bearing instruments such as bullions, financing or equities that are permissible in Islam.
rnAmana presently has a partnership with Takaful Malaysia, which is a formally regulated company in Malaysia.
rnrnThough Amana Takaful was recognised under a special provision in the old insurance act, the new law, which came into affect last March did not recognise Islamic insurance.
rnrnldblquote We have agreed to abide by the new Act, including the provision on investing in government securities,
dblquote Amana Takaful
quote s Managing Director, A I Marikar told Lanka Business Online.
rnrnAt the moment the services are available only to Muslims. rn