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company regulation

Wethaq Takaful Insurance – Egypt works in accordance with the provisions of Islamic Sharia law, under the supervision and control of legitimate Sharia Committee, Their key function is to advise, approve, monitor and investigate if and when necessary. On a day-to-day basis,
they monitor and check every aspect of operations to ensure compliance with Shari'ah guidelines.


The Takaful Insurance system is based on mutual co-operation between shareholders and policyholders. These policyholders are known as ‘contributors’ or ‘participant’.


At the end of each financial year, accordance with the Statute of the company and with the Surplus distribution policy issued by Egyptian Financial Supervisory Authority – EFSA for Takaful Insurance Companies, net surplus from insurance operations is available for distribution to the policyholders upon the approval of the shareholders' Annual General Assembly and Shari'ah Supervisory Board, it distributes 40% from a surplus of insurance activity achieved annually after deducting compensation, legal expenses and reserves to the policyholders in the form of cash dividends or distributions all by his share. That Announced about it at the beginning of each financial year at the Head Office.


If there is a deficiency in the Takaful Fund, the Shareholders Fund will give a Qard Al Hasan (interest free loan) to the Takaful Fund to cover deficit, Later, when the deficit disappears and a surplus accrues, the shareholders deduct the loan amount from fund surpluses.

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