• Guidance

    • COBS 7.2.8

      The following activities will normally be considered in direct connection with or for the purposes of Insurance Business carried on by an Insurer:

      (a) investing, reinvesting or trading, as investor or rabb ul maal and for the Insurer's own account, that of its Subsidiary, its Holding Company or any Subsidiary of its Holding Company but not any other party, in Securities, loans, investment accounts, Units or Shares in Collective Investment Funds, certificates of Mudaraba, certificates of Musharaka or other forms of Investments that are intended to earn profit or return for the investor;
      (b) rendering other services related to Insurance Business operations including, but not limited to, actuarial, risk assessment, loss prevention, safety engineering, data processing, accounting, claims handling, loss assessment, appraisal and collection services;
      (c) acting as agent for another insurer in respect of Contracts of Insurance in which both Insurers participate; and
      (d) establishing Subsidiaries or Associates engaged or organised to engage exclusively in one or more of the businesses specified above.