The financial interest coverage (FinC) created to circumvent
restrictions on Islamic insurance in global programmes will
probably be spurred by international insurers with takaful
capabilities such as Munich Re, Swiss Re and Hannover Re, according
to a report.
For entities in jurisdictions where unlicensed takaful - a form of mutual insurance compliant with Islamic doctrine - is prohibited, FinC allows coverage to be offered to the firm's parent company instead.
Loss or damage sustained by the subsidiary triggers the cover,...
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