IslamicFinance.de

The book "Another Economy is Possible" examines new ways of organising work and life, from co-operatives, barter networks, and ethical banking to community currencies, shared time banks and solidarity network. Co-operatives such as The Cooperativa Integral Catalana (CIC) in Barcelona are used as examples of how this can work. With over 600 members and 2,000 participants, CIC acts as an umbrella structure for independent producers and consumers of organic food. According to environmental scientist Giorgios Kallis, CIC has its own conceptual mode of the economy, consisting of five co-centric cycles, with reciprocity and gift exchange at the core. This conceptual model is materialised into an alternative economy.

ICMIF member Amana Takaful, Sri Lanka, recently announced a payment of surplus to its general insurance customers. This means Takaful policyholders will receive a proportionate rate from the surplus of the risk fund. Non-claimant Takaful policyholders will receive their share of the surplus amounting to 12.5% of the residual portion of the Risk Fund shortly, according to Fazal Ghaffoor, Chief Executive Officer of Amana Takaful. As opposed to conventional insurance the Takaful concept not only benefits claimants but also takes care of non-claimants. Non-claimants receive a proportionate share of the surplus from the risk fund at the end of a defined period.

Kenya's only Shariah-compliant insurer Takaful Insurance of Africa Ltd (TIA) plans to expand its operations into five East African nations, according to its Chief Executive Officer Hassan Bashir. Under TIA’s five-year plan it will expand into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed enclave of Somaliland, where it was granted a license this year. CIC Insurance Group (CIC) is one of the largest investors in TIA with about 22 percent, while four investment companies also have stakes. In Kenya, TIA has four outlets and 80 agents in Nairobi and Mombasa. The company plans to add at least two more outlets this year and double the number of agents, Bashir said.