The paper 'Competitive Analysis of Al-Aman Takaful Insurance, Al Alamiya Insurance Company, and Al Madina Insurance Company" is a perfect example of a finance and accounting case study. We look at their product summary, their strategies and objectives, financials and the SWOT analysis of each. Islamic banking as applied by the three companies is a helpful arrangement of help whereby various people impart the risk of potential misfortune to any of them. Along these lines, Aman deals with the protection operations for the insured as their operators "Wakeel", and contributes supports for their benefit as their company directors.
"Mudareb, " against a settled expense for overseeing protection operations and an offer of benefits for contributing trusts. Wakala is an agreement between two gatherings by which one approves the other to oversee and contribute a certain measure of capital against a settled charge or a tagged offer of benefits (Aman, 2014)Mudareb is an agreement between two gatherings by which one offers a certain capital, while the other (the Mudareb) offers his exertion and experience to contribute the tagged capital. List of Companies The three competitors we are dealing with includes; Al Aman Takaful insurance, Al AlamiyaInsurance company, and Al Madina Insurance company.
The companies offer almost similar products in the field of insurance. Companies Product Summary Al Aman Takaful insurance This insurance company provides insurance products; some include Fire insurance, Aman gives to the participants, different Fire Insurance Policies against the fire risk. Its strategies incorporate assurance against the impacts of characteristic risks. (Act of God Perils, for example, seismic tremors, storms, surges, whatever other air aggravations and other routine dangers, for example, Burglary and so on).
Contractors Insurance is applied in light of such rising need of contracting organizations (Aman 2014) Land improvement foundations and different associations should protect their risks under the Engineering class of Insurance. Aman offers the beneath Engineering Insurance Products, Foreman's All Risk Insurance, Machines Breakdown Insurance, Electronic Equipment Insurance. Others include Destruction of Stock Insurance, Foremen Plants or Equipments Insurance, and Loss of Profit taking after Machinery Breakdown Insurance. General accident, Aman's General Accident Policies give spread against dangers that are undisputable nonstop dangers in a most human culture particularly those portrayed by quick-changing groups with complex social structures.
Indeed General Accident Class is wide. Any protection for which there is no particular strategy is accessible is executed under this class. Liabilities, Aman offers phenomenal scope against the obligation to outsiders under different liabilities arrangements as underneath. Al Alamiya Insurance Company This company deals with insurance products. First, we can highlight its activities, as the mission of the Company is to secure people and organizations. It also helps them to diminish, the risks they confront in their everyday life by giving protection items that address their needs (Aman, 2014 )The company’ s products include Marine; Motor; Medical; General Accident and Engineering.
The motivation behind the Company is to execute agreeable protection operations and related exercises. For example, reinsurance, office exercises, representation, or correspondence or go-between exercises. This is as per the procurements of the Control of Insurance Companies and such different laws and regulations in power in the Kingdom of Saudi Arabia.
Aman, 2014 retrieved from http://www.aman-diir.ae/financials.php
Bayt (2014)http://www.bayt.com/en/company/al-alamiya-for-cooperative-insurance-company- part-of-rsa-group-1462431/overview/
Zawya, (2014) retrieved from https://www.zawya.com/company/profile/1003664/Al_Madina_Insurance_Company_SA OG/