The Islamic Insurance Company (TIIC) is the first Takaful insurance company in Jordan. It was established in 1996 with a capital of JD 2 million and now reached JD 15 million.
It was established on the basis of cooperative Insurance which was approved by Fiqh Councils as an alternative to commercial insurance.
TIIC is an Islamic financial institution that manages its funds in accordance with the principles of Islamic Shari’ah and on the basis of Wakalah (Agency) with a known fee and Mudharabah.
TIIC has a distinguished rating of ‘A’ (Single A) from the Islamic International Rating Agency (IIRA) and is an active member in many Islamic Financial Institutions where it represents the Takaful Insurance and boosts the image of Takaful such as; AAOIFI, IFSB, IICRA, CIBAFI, GAIF, IFTI and Jordan Insurance Federation.
The company is considered, with its leading professional standards, to be a benchmark for other Takaful Operators and provides services that meet market requirements and needs. It offers both Takaful (life) and General Takaful insurance types through various classes of insurance (i.e. fire, marine cargo, motor, medical and life).
TIIC witnessed a major digital transformation. It developed a fully integrated ERP system that contributed to an easy underwriting process and fast claims settlement with a high level of security.
TIIC always receives delegations from outside of Jordan with the aim of spreading the concept of Takaful in the local community, as well as raising awareness of Islamic Takaful insurance and its services. Also, it delivered many lectures at local universities, syndicates and business associations.
The company has participated in establishing many Takaful insurance companies in the Middle East such as Islamic Insurance Company in Yemen, Al-Aman Takaful Insurance Company in Lebanon, Saudi Reinsurance Company in Saudi Arabia, and At-Takafulia Assurances in Tunis. The Islamic Insurance Company enriched these companies with its expertise, strategies and its in-depth knowledge about market needs in regions where it operates.
TIIC has achieved advanced places in the Jordanian insurance market since inception, in terms of profitability, and largely maintained its market share in terms of underwritten premiums. Moreover, It is one of the best companies in generating return on investment to its shareholders.
The company deals with all Islamic banks and Islamic finance companies in Jordan. In addition, it deals with the biggest and first-class reinsurance companies.
TIIC stability and success can be attributed to its strategy of keeping customers and partners at the soul of its business and preserving its values, principles and quality of products. TIIC has always developed solutions that meet the ever-changing demand of customers. This has given the company the solid reputation of providing the most competitive Takaful services.