For Hamad Allah, Lord of the Worlds, and prayers and peace be upon His Prophets and Messengers, our Prophet Muhammad and his family and companions.
After:
These papers attempt to describe the reality of Company for Cooperative Insurance, whether they are engaged in cooperative insurance or commercial.
And attend the convening of this attempt in the following points:
First: the definition of the company.
Second: The types of insurance.
Thirdly: the rule of insurance.
IV: The difference between commercial insurance and cooperative insurance.
Fifth: Is Company for Cooperative Insurance exercised or cooperative insurance business?
VI: the rule of subscription for Cooperative Insurance Company.
This attempt is the keys to the students of science to know the truth about the company, and then make their opinion there.
I ask God Almighty to benefit them, and be a good help to those who issued the advisory opinion.
And Allaah knows best blessings and peace upon our Prophet Muhammad and his family and companions.
Books
Khalid Bin Ibrahim Aldeiji
[
1. Definition of the company.
Established National Company for Cooperative Insurance in 1986 a Saudi closed joint stock company, a wholly owned Saudi government institutions are set out as follows:
Public Investment Fund 50%, the General Organization for Social Insurance 25%, the pension fund 25%. The purpose of the company engaged in cooperative insurance, the main activity of the company in providing all insurance services, cars, marine, fire, energy, medical, engineering, aviation, insurance and various incidents.
The company manages the insurance business on behalf of the insured, will also provide funding for the insurance operations when needed.
And charge the company fees for managing the investments of insurance operations equal to 10% of the net investment income of insurance operations.
Selling 70% stake in the company of the citizens.
The Council of Ministers Resolution No. 112, dated 5/4/1425 AH, for the sale of the entire stock of state-owned Public Investment Fund of the Company for Cooperative Insurance and 50% and 10% of the contributions of the General Organization for Social Insurance, and 10% of the contributions of the Public Pension Agency . Vicu total ratio 70%.
Identified on Tuesday the ninth of November than in 1425 to launch IPO citizens (1).
2. Types of insurance:
Insurance is divided in terms of form into two parts:
Section I: Cooperative Insurance, or interactively.
A - concept: "to meet a number of persons at risk were similar, and each of them paying a certain contributions, such contributions are allocated to perform the compensation due to damage to those who fall ill, and if increased contributions to the rate of compensation for the members of the right to reclaim, and if decreased with the participation of additional members was sought to cover the deficit or decreased compensation payable by the deficit, and the members of the cooperative insurance companies do not seek to make a profit, but they seek to mitigate the losses incurred by some members, they are contracted to cooperate to withstand a disaster could be resolved with each other "(2).
A - The reason: a fatwa is permissible jurisprudential all the meetings which dealt with insurance, including:
Principles of the second week was held in Damascus in 1961, a festival known as Ibn Taymiyya, and the second conference of scientists held in Cairo in 1385 AH, the Seventh Conference also held in Cairo in 1392 AH, the first conference of Islamic Economics, held in Makkah in 1396 AH, the Fiqh Council of the Commonwealth of the seventh Islamic world in general 1398 H, and the decision of Senior Scholars in Saudi Arabia in its resolution No. 300/2/1399, and the decision of the Fiqh Council of Organization of the Islamic Conference in 1406 AH.
For this transfer of consensus on the permissible number of bodies as a legitimate Rajhi legitimacy in its advisory opinion No. (40), as well as Sheikh Dr. Mustafa al-Zarqa "God's mercy" (3).
But in this view, as there is consensus from the scholars of the era of the violation in this matter and believes it is haraam, including Dr. Solomon Thunayan in his insurance and provisions (4).
Section II: commercial insurance or a straight line.
Concept: In this integral the insured (the insurance company) for the custodians who have contracted with each and every one of them separately and the distribution of insured risks to the insured in the form of fixed periodic payments determined in accordance with the requirements of the technical foundations upon which the rules of statistics. Committed to the insured under this contract to pay the amount of insurance upon the fulfillment of the incident, which depends upon maturity and undertakes to the insured (the insurance company) to pay this amount without solidarity, in coordination with the custodians and more of his money, it accounted for by the insured and bear the loss (5).
Rule: Contemporary scholars differed in the governance of this insurance there are two views:
I say: It is forbidden according to the majority of contemporary scholars, and its decision was the senior scholars in
Second opinion: the passport, and its decision was issued Shariah Board of Al-Rajhi Banking No. 40 (6) and defeated him by contemporary scholars, Sheikh Dr. Mustafa al-Zarqa Allah's mercy (7).
Which swings the researcher sanctity of commercial insurance, the strength of evidence and the weakness of chaperones as permissible evidence. Can not be over this quick presentation of evidence and discussion.
3. The difference between commercial insurance and cooperative sectors.
Modern scholars have noted several differences, and is highlighted as follows:
The first difference: the cooperative insurance contracts that are intended to donate the authenticity of cooperation in the fragmentation of risks, premiums from policyholders in the insurance cooperative take recipe gift (donation) (8).
The commercial insurance contracts is the financial potential trade-offs.
The second difference: that the compensation in the cooperative insurance premiums paid of the total available. If the premiums were not sufficient to meet the compensation requested members to increase their contributions to make up the difference. If contributions could be increased to meet the compensation is not compensation, since there is no contractual obligation for compensation. The commercial insurance there is an obligation for compensation for insurance premiums. The effect of this commitment the company to bear the risk of the parent of the insured without the other custodians. Therefore, the objective of the Decade was the netting, but this does not allow netting a profit of both parties, but the company won, lost profit repository repository but the company lost. They include netting a profit against a loss of one of the parties and the other must have eaten this money unlawfully (9).
The third difference: in the commercial insurance company can not compensate for the custodians if they exceed the percentage of people infected with the company's ability to itself, while in cooperative insurance, the total custodians collaborators in meeting the compensation payable for those of them, shall be compensated according to the availability of membership dues.
Valmstomn in the cooperative insurance does not wait for a certain amount in advance if there is danger, but expected to be compensated according to his peers combined insurance fund solvency and the ability of members to be compensated. Valtmoninp felt by the collaborative repository stemming from feelings of others standing with him, and not instead of under a specific contractual obligation not telling the truth, in reality, as is the case in the commercial insurance (10).
Fourth difference: the cooperative insurance was not intended to Alastrabah of the difference between insurance premiums paid by Almstomnon and damages by the insurer to have but if there was an increase in premiums Almajabip for compensation paid to repair damages to the increase are the custodians (11).
While the surplus in the insurance commercial insurance would be the share of the company.
The difference V: believers are Almstomnon in the cooperative insurance, and premiums paid to the use of cooperative insurance company except as their well-all. In the commercial insurance company is a believer external to the company, and the insurance company commercial exploitation of the custodians of funds in the beneficial alone (12).
The difference VI: cooperative insurance company goal is to achieve cooperation among its members, custodians, and the distribution of risks between them, no sense complaining about that one of them complain about it all. In other words, it is not profitable, but hopes they would like to cover the compensation and administrative expenses. On the contrary, the insurance company the sole purpose of trade is trade insurance and access to huge profits at the expense of the custodians (13).
The difference VII: Cooperative Insurance Company in the relationship between the policyholders and the insurance company on the following basis:
A - The shareholders in the company management of insurance operations, to prepare documents and the collection of premiums and payment of compensation and other works of art, in return for payment in their capacities as managers of insurance and provides for this payment so that a participant is deemed viable to them.
B - the shareholders to invest (capital), submitted them to obtain a license to establish the company, as well as having to invest money provided by insurance policyholders, that the company deserves a share of the return on investment of insurance funds as speculative.
C - holding company separate accounts, one for capital investment, and the other for the accounts of insurance funds and the excess insurance the prerogative of the participants (policyholders).
D - is borne by shareholders bear the expenses related to speculative investment funds its share of the profit peer speculation, and bear all the expenses of managing insurance-peer management commission owed to them
E - cut statutory reserve funds of the investment returns of shareholders and have their rights and everything that must be deducted which relates to capital. (14).
While the relationship between the policyholders and the insurance company, in commercial insurance, the amount paid to holders of the funds are the property of the company and mixed with the capital for insurance. There is no two accounts are separate as in the cooperative insurance.
Difference VIII: Almstomnon in the cooperative insurance companies, are the partner that they are entitled to profits from the investment of their money.
The commercial insurance companies, the picture is quite different; because custodians are not partners, not entitled to any profit from investing their money, but unique to the Company access to all the profits (15).
Difference IX: cooperative insurance companies do not invest in areas which are forbidden in Islam.
In contrast, Fsharkp commercial insurance does not care about Halal and Haram
A
B
C
D
E
F
G
H
I
J
(16).
The difference X: in the cooperative insurance must be provided in the contract that the amount paid repository is only a donation and that it pays the premium for the company to help those who need it by the participants (17). In the commercial insurance are not the intention to donate at all, and therefore not mentioned in the contract.
4. Is Company for Cooperative Insurance commercial insurance practice or cooperative?.
Back through the researcher to the lists of the company's financial, show him the following:
A - that the company has separate financial disclosure documents to a campaign entity and financial, there are two accounts, one for independent campaign documents and another for the company, as well as the investment of funds campaign documents part of the net profits of 10%, as well as the management of insurance operations as a lump sum, which is applied in this way decision of Economic Seminar twelfth Dallah Al-Baraka.
Here's a statement of the amounts received by the Company in this work:
First: the salaries of the operation and management + General and administrative expenses Other:
Religious vision of the cooperative insurance company
Click here to download the book on the Word file
Khalid Bin Ibrahim Aldeiji
Year 1998 1999 2000 2001 2002 2003
Amount (in thousands of Saudi riyals) 38,383 40,090 50,094 68,376 72,366 92,373
II: management fees.
According to the clarification of these fees by saying: "charge the company fees for managing the investments of insurance operations equal to 10% of the net investment income of insurance operations."
Here's a statement of the amounts of such fees:
Year 1998 1999 2000 2001 2002 2003
Amount (in thousands of Saudi riyals) 2,084 2,204 3,446 2,441 4,249 6,763
B - as well as the company has applied the decision of some legitimate bodies that if the judge has been an increase in premiums Almajabip on compensation paid to repair damages to the increase are the custodians.
Here's a statement of such amounts to the return Mstoemien, and a proportion of gross written premiums,
Refunds to policyholders and a proportion of total insurance premiums: (amount in thousands of Saudi Riyals)
Year 1998 1999 2000 2001 2002 2003
Total insurance premiums 683,765 682,742 716,983 1,023,206 1,081,173 1,545,797
Refund and the percentage of the total insurance premiums 18.200
2.66% No 22,000
3.06% 15,800
1.54% 10,000
0.92% 18,000
1.16%
This is done by the company during the past six years, which will apply as stated in the decisions of certain bodies of legitimacy.
However, Shaykh Abdul Aziz ibn Baaz, editor of the advisory opinion of him is not permissible to return some money to participants in the cooperative insurance and may God have mercy on him said: "A resolution by the Council of Senior Scholars, a cooperative insurance passport, which consists of donations from benefactors and is intended to help the needy and stricken and does not return anything from him for customers - no money, no capital gains nor any return on investment - because the reward of common purpose God help the needy and was not intended return secularized "(18).
C - The most important differences between the cooperative and commercial insurance as Shaykh Abdul Aziz, may God have mercy on him is that the cooperative insurance based on voluntary contributions, and this is the crux of the matter, and not in the documents of the company or its policies or contracts to that effect.
D - and of the differences between the cooperative insurance and commercial insurance cooperative that do not adhere to the company's compensation as explained above. And not in the documents of the company and its policy to indicate that as well. But the reality that the company is committed to compensation at all.
Hence we see that commercial insurance companies to resort to re-insurance with other companies because of its compensation.
Valtaonip insurance applied this principle, and this has held several reinsurance contracts with
The value of reinsurance contracts during the previous years:
Year 1998 1999 2000 2001 2002 2003
Amount (in thousands of Saudi riyals) 487,352 424,671 498,845 735,523 663,152 716,584
If that were practiced by the insurance company committed to cooperative compensation, because if the extent and increased compensation for the value of the fund to require participants to donate, or they pay a rate of compensation.
E - the whole contemporary scholars, both of whom passed the commercial insurance or prevented, the need to avoid taboos in their dealings at all.
But we find in charge of this company - God forgive them - have invested fund bonds forbidden to pieces, and you reflect the amounts deducted from the fund to invest in bonds and percentage of the assets of the Fund.
Value of the company's investment securities custodians of the funds, the rate of the assets of the Fund:
Year 1998 1999 2000 2001 2002 2003
Amount (in thousands of Saudi riyals) 336,110
42.88% 399,550
(46.23%) 338,172
(33.95%) 343,346
(29.06%) 419,417
(31.19%) 430,525
(24.34%)
There are other investments in securities did not disclose the company's quality, not being a researcher did not find out more about them.
5. What do shareholders invest their money?.
Mentioned above that the company made two separate accounts:
The expense of policyholders, the calculation of money for the shareholders who reminded them in the first point, note that the company was founded when the amount paid (250,000) thousand riyals. And then invested this money in various investments, here are the outcome of these investments and what became of him:
Assets of the Fund shareholders during the previous years:
Year 1998 1999 2000 2001 2002 2003
Amount (in thousands of Saudi riyals) 406,436 387,879 385,711 353,755 354,619 428,686
Varied investments of our shareholders for their money, but will mention the most important investments that affect the ruling on subscribing to this company:
First Investment: Investing in bonds of usury:
Year 1998 1999 2000 2001 2002 2003
Amount (in thousands of riyals) None None 121,595
31.52% 88,161
24.92% 72,397
20.41% 34,981
8.16%
It is known that modern scholars have agreed that if the company provided in the prospectus that it will borrow or lend money with interest is not permissible for the IPO, so that the company announced this explicitly to all people, and practiced this act is forbidden in practice, it is submitted to the subscription has Oqarham of vision and this the act is forbidden, and is a partner with them on this haraam action.
Note that the company has investments in securities, but did not disclose the quality and nature.
The second investment: investing in commercial insurance companies:
The company announced in their lists that they already have 50% of the insurance company, colleague, researcher had asked the name of the company, namely: United Insurance Company, headquartered in
6. Buying shares Company for Cooperative Insurance.
The above shows that the researcher may not be subscribed to this company for the following reasons:
First: that practiced by the insurance company does not much different from commercial insurance. Despite the company's attempt to separate the accounts of the custodians of shareholders but that the element of the compensation obligation whatsoever contrary to this chapter, and makes the company acting as if the accounts were held one account.
Second: the company is investing a significant amount in bonds usury, has issued two resolutions parks Vgahian forbids this kind of contribution, namely, the Fiqh Council of the Organization of Islamic Conference, the Fiqh Council of the Association of the Islamic world.
Third: The company is investing part of their funds commercial insurance companies is prohibited.
Fourth: The company does not declare their commitment to the provisions of Islamic law, do not abide by Sharia on all financial activities.
May Allaah send blessings and peace upon our Prophet Muhammad and his family and companions.
---------------------------
(1) economic newspaper, Monday 25 Ramadan 142 AH, the number 4064.
(2) ambiguity and its impact on the contracts, p. 638, Dr. Blind, the second edition. Publications from within the Dallah Al Baraka Group.
(3) advisory opinions on insurance, p. 88, a publication of Dallah Al-Baraka.
(4), p. 282-283.
(5) study the legitimacy of the most important financial contracts, developed, Dr. Muhammad Mustafa Shanqeeti 2 / 475.
(6) resolutions of the Shariah Board of Al-Rajhi Banking 3 / 357.
(7) Fataawa insurance, p. 45.
(8) decision by the Council of Senior Scholars, No. (51) and the date of 4/4/1397 AH.
(9) and stops in the case of insurance, p. 20, by Dr. Sami Al-Suwailem.
(10) and stops in the case of insurance, p. 21, by Dr. Sami Al-Suwailem.
(11) Shariah Board of Al-Rajhi Bank, Fatwa No. 42.
(12) advisory opinion of the legitimacy of the Faisal Islamic Bank, citing the opinions of insurance p. 99.
(13) Ibid.
(14) Al Baraka Symposium twelfth of Islamic economics, decisions and recommendations of symposia Baraka Islamic Economy, p. 212.
(15) opinions of Shariah Board of Faysal Islamic Bank, citing opinions from the insurance, p. 105.
(16) opinions of Shariah Board of Faysal Islamic Bank, citing fatwas insurance p. 105.
(17) opinions of Shariah Board of Faysal Islamic Bank, citing fatwas insurance p. 91.
(18) a statement from Sheikh Allah's mercy in the history of 22/2/1417 AH.
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