t’azur Company b.s.c. (c) (t’azur), a Takaful (Islamic Insurance) company founded by Unicorn Investment Bank and headquartered in the Kingdom of Bahrain, has been named “Best Islamic Insurance Company” as part of the prestigious Maqasid Al-Sharia CSR Awards which recognizes outstanding achievements in the field of Corporate Social Responsibility (CSR).
The award was presented to t’azur in recognition of the company’s ongoing commitment to its employees, customers, the environment and the communities in which it operates, as well as several innovative CSR initiatives recently launched by the company. This includes the t’azur Sadaqah product, the first charitable insurance product of its kind, launched by t’azur in Ramadan of 2009. The Sadaqah Plan helps donors save regular donations which t’azur invests in Shari’ah-compliant funds over a set number of years, after which the accumulated capital is then passed to the charity of the donor’s choice. In the event of certain unforeseen circumstances which prevent the donor from making charitable donations (e.g. disability or critical illness), t’azur will continue making the regular donations on behalf of the donor, thus guaranteeing that the charity receives the intended donation in any event.
Commenting on the award, Sh. Dr. Abdelaziz Al Orayer, Chairman of t’azur, said: “We are proud l for receiving this prestigious award; this shows that we are on the right track and it will encourage us further to build and grow our company in an ethically responsible manner.” The Maqasid Al Shari’a CSR Awards, organized by two leading Islamic Finance Industry service providers, DinarStandard and Dar Al Istithmar, attracted over 160 entries from the largest Islamic financial institutions worldwide. The award recognizes and honors companies for their projects and programs in corporate social responsibility, and is backed by AAOIFI, the Accounting and Auditing Organisation for Islamic Financial Institution.
“It gives us great pleasure to recognize t’azur’s commitment to the development of the insurance industry in line with the principles of social responsibility and co-operation that Islam promotes. Of all the Islamic Financial institutions we looked at worldwide, t’azur is setting a benchmark of the types of activities that Islamic Finance should be promoting including utilizing the strengths and capabilities of the contemporary financial system to redistribute wealth and bring about socio-economic justice,” said Dr. Sayd Farook, Senior Consultant for Structuring and Legal at Dar Al Istithmar.