A document obtained by Altaghyeer exposed deep corruption in the Islamic Insurance Company, however, well-informed sources ruled out the seriousness of authorities in pursuing the so-called “fat cats” raid.
The document written by deputy director Mahasin Sirajaldeen focused on how the Islamic Insurance Company was run and on robbery and rigging methods adopted by those who are in charge of it.
The memorandum was sent to the chairman of the board of the company Mohamed Hassan Nayir, who was recently released from custody, and to all board members, including Albaghir Nori, ex-manager of Faisal Islamic bank, who remains in custody, Islamic leader Osman Alhadi, prominent Islamic attorney Dr. Abdelrahman Alkhalifa and Albaghir Mudawi.
And in an investigative report to be published by Altaghyeer, it is revealed that Mahasin’s reason for writing the memo was the cover-up by company directors, but she was fired under the guise of restructuring of the company. She was re-hired after some of the implicated figures were arrested.
The memo laid bare that the violations are linked to the commission acquired by the insurance broker, and according to insurance experts companies would attempt to protect their assets, as well as their clients’ money, by insuring their operations with an international company with bigger financial capabilities.
In this case, the memo asserts, 25% of tontines shares would be assigned to a non-existent company, which means the Islamic Insurance company would reinsure its clients on the basis of “nothing”.