its aforementioned resolution: that the task of drafting the detailed articles for this cooperative company be assigned to a group of specialists in the field.

Allah alone grants success. May blessings and peace be upon our Prophet Muhammad, his family, and his Companions.

...

All three councils have approved the lawful alternative, namely “co-operative insurance.” The wording adopted by the Islamic Fiqh Academy, affiliated with the Organization of the Islamic Conference, is as follows:

“The alternative contract that complies with the principles of Islamic dealings is the co-operative insurance contract, which is founded on donation and mutual assistance.”

Resolution of the Council of Senior Scholars concerning co-operative insurance:

Co-operative insurance is one of the donation-based contracts whose primary aim is mutual help in dispersing risks and sharing responsibility when disasters strike. This is achieved by individuals contributing monetary sums that are set aside to compensate whoever is harmed, making it a sufficient substitute for commercial insurance.