| Shiekan (Sudan) |
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Shiekan Building, El-Souk El-Arabi, PO Box 10037, Khartoum, SUDAN Founded: 1983 Philosophy/Background: Formed initially as a Takaful insurer to provide marine insurance, Shiekan is owned by The National Economic Corporation. Shiekan began selling Takaful life in 1993 and last year launched a medical insurance product. Shiekan Insurance classifies itself as a cooperative although for legislative purposes it is a limited company with shares owned by the National Economic Corporation (NEC). As with other Takaful organisations the shareholder, NEC, is only allowed to share in the returns on its investment ands not allowed to touch the surplus from insurance activities. All surplus on insurance activities are used for the benefit of the policyholders plus a portion of the returns on shareholder investment. |