About the Company

Program structure

Iman Insurance Services, L.P. (IIS) through Lockton Affinity (Lockton) has secured partnerships with some of the leading Insurers in the US to offer competitive insurance products that are designed specifically to meet the needs of the Muslim Community.

The Islamic Insurance Takaful Model requires that each of the partners take measures to ensure insurance products provided to you are Halal and Shariah compliant. There is an independent Shariah Supervisory Board consisting of some of the leading Muslim Scholars to oversee the entire insurance transaction.

The leading insurance companies that have engaged in offering the Islamic Takaful Insurance products have established a "Takaful fund". Therefore, in your insurance policy they are known as the Halal Insurance "Takaful Fund Operator". IIS has been responsible for developing and bringing to you the concept and the process of Halal Takaful Insurance. Lockton Affinity is responsible for the administration and the operation of the Halal Takaful Insurance policy. Iman Insurance Services Limited and Lockton Affinity take a fee for the provision of these services. This fee is known as the "Wakala Fee" and Iman Insurance Services LP and Lockton Affinity are known in the Islamic perspective as the "Wakeel".

In the instance that we are not able to negotiate the creation of a Takaful Fund at the outset, IIS will ensure that the insurance product retains its ethical values by donating 50% of its profits into charitable causes within the community. As with most businesses, IIS will ensure that when these products gain some credible scale, IIS will set up a formal Takaful Fund with these insurers. Our personal line products currently comply with our ethical principles and in due course shall evolve into full Halal compliance.

The role of Iman Insurance Services (Wakeel)

We recognize that conventional Insurers have a lot to offer and have been established in the industry for decades. Iman Insurance Services is operating in association with such Insurers to build on their existing strength and modifying it with an ethical, Islamic, Takaful and Halal dimension. This combination allows Iman Insurance Services to accelerate its desire to re-invest in our communities. This also means that Iman Insurance Services is not out to reinvent the wheel and can instead focus on the real issues that can benefit our next generation. This model of cooperation between the Takaful model and the conventional Insurers is a good example of how diverse financial disciplines can supplement each other’s strengths.

Iman Insurance Services seeks to bring to you - the Takaful participant - the strength and experience of these conventional Insurers while offering you Takaful based equitable, ethical and Halal products. Iman Insurance Services is responsible for promoting these products to you and negotiating further product benefits sensitive to the Muslim lifestyle. Iman Insurance Services will ensure that it achieves its unique targets to accomplish social corporate responsibility, by donating 50% of its profits to be re-invested in the next generation of our communities.

Iman Insurance Services has appointed the Shariah Supervisory Board (SSB) as an integral part of the entire insurance process in order to ensure that the transactions are compliant with Shariah and are Halal.

The role of Lockton Affinity (the Wakeel)

Lockton is the Wakeel company that has the operational responsibility of delivering the Halal Takaful Insurance products. They also have the contractual responsibility with Iman Insurance Services to ensure that you are provided with the Halal Takaful Insurance products deemed appropriate by Iman Insurance Services Limited and the Shariah Supervisory Board.

Lockton will ensure that the appropriate customer service is provided to you.

The role of the Fund Operator

The Fund Operators are the insurance companies who will be underwriting and providing the coverage for the risk to you, the Takaful insurance Participant.

The Fund Operators are responsible for managing the Takaful fund and ensuring that all investments made under the Takaful fund are Shariah compliant and ethical.

The Fund Operators have the full responsibility for managing all the claims that may arise from any of the Halal Takaful Insurance policies.