Background Of MCIS Zurich Insurance Berhad
MCIS was esta
blished in 1954 and became MCIS Insurance in 1998. Market liberalization and the need to force entities to operate effectively in the global atmosphere causes combined with MCIS Zurich Financial Services, the fifth largest insurance services provider in the world who get to 59 in the Fortune ranking Globals 500 in 2005. Zurich Financial Services Group (Zurich) is based insurance company with a global network and its subsidiaries and offices in North America and Europe, the Asia Pacific, Latin America and other markets established in 1872 and headquartered in Zurich, Switzerland. This company employs more than 60.000 employees in more than 170 countries.
In 2004, they recorded a gross income of USD 49.0 billion in premiums and policy fees around the world also includes USD191.1 billion revenue from the investment group. Agreement with the merger between the company and is not only a combination of a strong even as the company puts MCIS Zurich local insurers with international standards. On this day, MCIS Zurich is proud to stand as a leader in general and life insurance with total assets exceeding 2.9 billion and gross premium income approaching 500 million. MCIS Zurich employs more than 500 employees and 5000 agents and operates through 26 branches located in the capital-capital and major cities.
4. Shariah Advisory Council MCIS Zurich MCIS Zurich Syariah Advisory Council consists of 5 members of the panel and have the expertise and experience in sharia as a complement to the insurance industry.
MCIS Zurich (MZ) is a conventional first insurance company in Malaysia with the Syariah Advisory Council. Shariah Advisory Council has a role to provide consultancy and advice to management, to research and development on various matters related to insurance through sharia perspective and take part in the exhibition and interact with 5000 employees MZ agencies throughout the country in an effort to raise awareness and ethics in selling products -insurance products.
The establishment of this council is also to welfare initiatives MZ 400.000 policyholders which 50% of customers are Bumiputera. MZ also aspired to enter the takaful market with the existence of the Council.
The Council is headed by the chair of Prof. Dr. Y. Bhg. Mohamed Yusoff bin Hussain of a figure in Islamic studies and philosophy. He holds the position of Mufti of the Federal Territory between 2003 and 2005 and currently serves as Rector of Kolej Islam Darul Ridzuan in Ipoh.
Members of the Council the other is Y. Bhg. Sohibus Samahah Dato 'Ismail bin Yahya, Mufti of Terengganu, Dr. Shofian bin Ahmad, of the contract law of Islam, Associate Professor Mostafa Kama bin Mokhtar, figures in Islamic studies and Tuan Haji Mustapha bin Md Nasir, a member of the board of directors MCIS Zurich Insurance Berhad.
MZ in terms of investment also offers four types of funds that MCIS Zurich Balanced Fund, Equity Fund MCIS Zurich, MCIS Zurich Income Fund, and MCIS Zurich Jati Fund. From four fund of funds only invested in accordance with Santa only the laws of justice, where it is invested in equities approved legislation, financial markets and fixed income securities in different proportions but is more likely to fund investment in equities. Other funds are not invested according to sharia which is partly invested in companies not listed in the list of sharia-compliant issued by the Securities Commission Malaysia.
MZ also earned income other than premiums paid by insurance buyers. Among them is the interest rate received from loans, accrued interest rates, interest rates of corporate debt securities and forex transactions. Clearly here the company comes from other income sources that interest rates clearly forbidden by Islam.
Referring to the Syariah Advisory Council established, it is not only as advisers for the purpose of sharia provide advice to management and to maintain ethical matters relating to workers MZ. In addition, they are also responsible for studies related to insurance from the perspective of sharia. However, the role and functions of the council is different from the role played by the Syariah Advisory Council takaful operator and Islamic banks because their function is to ensure travel operations, products and others are based on sharia and lawful. Unlike MZ core business which is clearly illegal. With the existence of the Syariah Advisory Council does not mean MZ is an Islamic insurance company.
MCIS was esta
blished in 1954 and became MCIS Insurance in 1998. Market liberalization and the need to force entities to operate effectively in the global atmosphere causes combined with MCIS Zurich Financial Services, the fifth largest insurance services provider in the world who get to 59 in the Fortune ranking Globals 500 in 2005. Zurich Financial Services Group (Zurich) is based insurance company with a global network and its subsidiaries and offices in North America and Europe, the Asia Pacific, Latin America and other markets established in 1872 and headquartered in Zurich, Switzerland. This company employs more than 60.000 employees in more than 170 countries. In 2004, they recorded a gross income of USD 49.0 billion in premiums and policy fees around the world also includes USD191.1 billion revenue from the investment group. Agreement with the merger between the company and is not only a combination of a strong even as the company puts MCIS Zurich local insurers with international standards. On this day, MCIS Zurich is proud to stand as a leader in general and life insurance with total assets exceeding 2.9 billion and gross premium income approaching 500 million. MCIS Zurich employs more than 500 employees and 5000 agents and operates through 26 branches located in the capital-capital and major cities.
4. Shariah Advisory Council MCIS Zurich MCIS Zurich Syariah Advisory Council consists of 5 members of the panel and have the expertise and experience in sharia as a complement to the insurance industry.
MCIS Zurich (MZ) is a conventional first insurance company in Malaysia with the Syariah Advisory Council. Shariah Advisory Council has a role to provide consultancy and advice to management, to research and development on various matters related to insurance through sharia perspective and take part in the exhibition and interact with 5000 employees MZ agencies throughout the country in an effort to raise awareness and ethics in selling products -insurance products.
The establishment of this council is also to welfare initiatives MZ 400.000 policyholders which 50% of customers are Bumiputera. MZ also aspired to enter the takaful market with the existence of the Council.
The Council is headed by the chair of Prof. Dr. Y. Bhg. Mohamed Yusoff bin Hussain of a figure in Islamic studies and philosophy. He holds the position of Mufti of the Federal Territory between 2003 and 2005 and currently serves as Rector of Kolej Islam Darul Ridzuan in Ipoh.
Members of the Council the other is Y. Bhg. Sohibus Samahah Dato 'Ismail bin Yahya, Mufti of Terengganu, Dr. Shofian bin Ahmad, of the contract law of Islam, Associate Professor Mostafa Kama bin Mokhtar, figures in Islamic studies and Tuan Haji Mustapha bin Md Nasir, a member of the board of directors MCIS Zurich Insurance Berhad.
MZ in terms of investment also offers four types of funds that MCIS Zurich Balanced Fund, Equity Fund MCIS Zurich, MCIS Zurich Income Fund, and MCIS Zurich Jati Fund. From four fund of funds only invested in accordance with Santa only the laws of justice, where it is invested in equities approved legislation, financial markets and fixed income securities in different proportions but is more likely to fund investment in equities. Other funds are not invested according to sharia which is partly invested in companies not listed in the list of sharia-compliant issued by the Securities Commission Malaysia.
MZ also earned income other than premiums paid by insurance buyers. Among them is the interest rate received from loans, accrued interest rates, interest rates of corporate debt securities and forex transactions. Clearly here the company comes from other income sources that interest rates clearly forbidden by Islam.
Referring to the Syariah Advisory Council established, it is not only as advisers for the purpose of sharia provide advice to management and to maintain ethical matters relating to workers MZ. In addition, they are also responsible for studies related to insurance from the perspective of sharia. However, the role and functions of the council is different from the role played by the Syariah Advisory Council takaful operator and Islamic banks because their function is to ensure travel operations, products and others are based on sharia and lawful. Unlike MZ core business which is clearly illegal. With the existence of the Syariah Advisory Council does not mean MZ is an Islamic insurance company.
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