Insurance product of capitalism: Dr Fahad
11 companies working in area of ‘Takaful’ in Kuwait
KUWAIT CITY, April 22: Academic staff at the Insurance and Banking Department of Public Authority for Applied Education and Training (PAAET) Dr Fahad Eid disclosed that insurance is a product of capitalism that emerged from the western civilization, reports Al-Shahed daily.
Dr Eid explained that insurance compensates for losses of individuals and corporate bodies, and that insurance companies relieve the country the burden of paying compensations to victims. He noted the system being implemented in the market is relatively different from academic science, indicating some companies deviate from academic and application theories.
He affirmed that society should identify the areas of danger before getting involved in insurance. He also observed that insurance brokers should spread knowledge with the intention of sensitizing the public on dangers with the promotion of insurance activities. He stressed that a case of bankruptcy for insurance companies is good and positive for the capital market, indicating one of the cardinal points of a good market is that an exit point must always be available.
He reaffirmed the most common aspect of insurance in Kuwait is vehicles, while several other aspects remain weak. He reiterated that 11 companies in Kuwait are working in the area of ‘Takaful’ (joint liability) within the local market. However, they are not performing well, because there is no awareness or database to assist their activities.
Acting Director General for Public Relations and Media Security at the Ministry of Interior Brigadier Tawheed Al-Kanderi issued a statement recently on a meeting of the Executive SubCommittee affiliated to Higher Committee of the National Campaign for the Prevention of Narcotic Dangers.
The meeting had in attendance representatives from the Ministry of Interior, Ministry of Information, Ministry of Health, Ministry of Awqaf and Islamic Affairs, Ministry of Higher Education, Public Authority for applied Education and Training (PAAET), the General Custom Administration, Kuwait News Agency (KUNA), Public Authority for Sport and Ministry of Youth Affairs.
Brigadier Al-Kanderi urged for non-conformity awareness campaigns to control narcotics by touching on the ideas of various target segments, affirming the need for harmonizing efforts to wipe out the menace that is blowing through society. He urged for concerted efforts to spread awareness to identify the dangers of destructive narcotics while sensitizing the public about the social, economic and health damages.
Brigadier Al-Kanderi noted the criminal security sector seized 547,996 narcotic pills, 8304 bottles of liquor, 71kg of hashish, 10kg of shabu, 16g of heroin and 35kg of marijuana within the first quarter of the year starting from January to March 31.