أحكام الفائض التأميني في شركات التكافل التعاوني : شركة الراجحي للتأمين التعاوني أنموذجا

Abstract

The research aims at studying the insurance funds surplus and its application in the Kingdom of Saudi Arabia, according to the rules and regulations of the Saudi Arabian Monetary Agency which stipulates that it is in accordance with the principles of Islamic law. The focus of the study will be on the experience of al-Rajhi co-operative insurance as case study. Therefore, the methodology adopted is the empirical, analytical and practical approaches. It reveals that the regulatory framework of supervising co-operative insurance companies issued by the Monetary Agency entails some articles and practices which contradict the Islamic Law. Thus, it incorporates the prohibited conventional system, instead of making it Shariah compliant co-operative insurance in accordance with the verdicts of the Saudi Arabian Council of Great Scholars and the Islamic Fiqh Academy. It is also found that some of the practices of the insurance institutions in Saudi Arabia need further improvement so as comply with the Islamic Law, especially that these institutions are considered as institutions that apply the mechanism of co-operative insurance as an alternative to the conventional system. The study concludes that the practices in the surpluses of al-Rajhi insurance encompass certain applications that are not Shariah compliant, despite the efforts of the administration and the Shariah council to alleviate those practices. This is because of the mandatory provision by the monetary agency that supervises the practices of the co-operative insurance institutions in Saudi Arabia to apply the regulatory rules with no exception. The study recommends that the Saudi Arabian Monetary Agency should strictly comply with the Islamic principles in legislating rules and regulations, and to practice within the sphere of the verdicts of the Permanent Committee for Fatwa in Saudi Arabia, the Fiqh Academy of the Islamic World League and that of the Organization of Islamic Conference.