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ally stands that insurance is in principles permissible in Islam. According to the jurist this concept of insurance is acceptable in Islam because (Hailey College of Banking & Finance):
 
The policyholders would cooperate among themselves for their common good.
 
Every policyholder would pay his subscription in order to assist those of them who need assistance.
 
It falls under the donation contract which is intended to divide losses and spread liability according to the community pooling system.
 
The element of uncertainty will be eliminated insofar as subscription and compensation are concerned.
 
It does not aim at deriving advantage at the cost of other individuals.
 
Siddiqi (1985), Mannan (1975) and a host of others however, have contributed significantly in showing how insurance can be organized under an Islamic system in such a manner that, purified from all Islamically incompatible elements, it can become a blessing to the society.
 
保险的组织和功能——ORGANIZATION AND FUNCTIONS OF INSURANCE
 
This will include the composition and basic functions of the underwriting department of insurance which will help shine some light on how to organize Islamic insurance.
 
At this stage it is important to understand what is reinsurance and not its importance to the insurance industry.

再保险——Reinsurance
 
Reinsurance, called reassurance in the life department is a step taken by insurance companies to ensure that risks in excess of the company’s retentions are spread by way of the automatic treaty reinsurer who automatically takes over any amount in excess of direct insurers retentions, according to J.O Irukwu (1985).
 
He further explained that retentions are influenced and determined by the company concerned. He gave an example of a company with a substantial capital and sizeable fund resources. It would retain more business for itself and therefore, reinsure less than a comparatively new and small company with a small capital and limited resources.
 
Basically, reinsurance is a kind of inter-insurance relationship and mostly international relationship concerning the ceding company and Reinsurance Company.
 
There is an agreement that established an African Reinsurance Corporation which commenced in 1978 (made in 1977). It is established under the Organization of African Unity (OAU) and serves the purpose of fostering the development of the insurance and reinsurance industry in Africa, to promote growth or national, regional and sub-regional underwriting and retention capacities to support African economic development. This is contained in article 3 chapter III of the Agreement.
 
Amongst the functions of the corporation, is transacting reinsurance business through treaty and facultative cessions in respect of all or some classes of insurance inside as well as outside African (Article of the Agreement).
 
As already stated in section 2.1 of this chapter, Nigerian insurance companies cede a minimum of five percent to the African Reinsurance Corporation according to Chapter VI, article 27 of the Agreement.
 
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