IslamicFinance.de

A not-for-profit health assurance scheme, called Uplift Mutuals Biradaree, started in April this year in India. The scheme works on the model of mutual assurance, with certain features maintaining the values of Shariah-compliant finance. The health assurance scheme will work on the existing platform of Uplift Mutuals, a fifteen-year-old community-owned mutual health assurance model developed by Uplift India Association. Uplift Mutuals Biradaree is designed to be affordable and is open to all financially vulnerable families. A single member pays 700 Indian rupees ($10) per annum and a family of four 1,400 rupees per year. The annual contribution has been kept low because part of the capital and operating expenditures are currently met by external funding from the global industry body the International Cooperative and Mutual Insurance Federation (ICMIF).