Ghardaia dignitary to create Islamic Insurance company

A Notable of the flood – hit province of Ghardaia, in southern Algeria , has announced his intention to create, together with other local dignitaries, a purely Islamic Insurance company to cover all the estate in the region, including the housing property, of the inhabitants of the province.

• He indicated that the Ghardaia Economic Forum was behind this initiative which will be better suited, he said, to the customs and traditions of the local inhabitants who generally balk at dealing with non – Chaâria based insurance companies unless they are compelled to do so by the Authorities.
• According to Notable Baba Ammi Mohamed, insurance under its current form is “illicit” in view of the Islamic Chaâria.
• He said that the populations of the region were obviously more amenable to purely Islamic Insurance as the latter is viewed as having  a solidarity and not a commercial scope.
• Economist Bachir Msitfa explained for his part that the aim of commercial insurance was to garner benefits only.
• He expressed the hope that this project would be crowned with success because it is based on the lofty principles of solidarity and assistance, as he put it.