Discuss developed Islamic insurance models by Jordan Islamic bank

Volume 10, Issue 1, Article 15 - 2021

Authors: Abdullah Ibrahim Nazal;Yahya Abdullah Khassawneh

Copyright © 2021 . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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Abstract

This paper aims to discuss Reciprocal Insurance Fund Model (RIFM) and Islamic Insurance Company Model (IICM) which developed by Jordan Islamic Bank. It discusses difference of developing than traditional insurance services based on customers' needs. It depends on discuss annual financial reports in order to analysis the difference between models. The study found that (RIFM) is not owned by customers neither the Jordan Islamic bank. It is an artificial person. (IICM) has small part of insurance surplus to be as customers saving but the other part is artificial person. These models managing risks. It meets the Jordan Islamic bank returns and managing risk. Developing Islamic insurance models is directed to meet the company aims than customers' aims. The main limit of collecting data depended on the annual reports in the Jordan Islamic bank foot notes and Islamic Insurance Company annual reports. It discusses practically applied models by Jordan Islamic bank developing experiences.

How To Cite This Article

Nazal, Abdullah & Khassawneh, Yahya. (2021).” Discuss developed Islamic insurance models by Jordan Islamic bank”. Global Journal of Economics and Business, 10(1): 211-219
https://doi.org/10.31559/GJEB2021.10.1.15