Islamic P&I Club will meet the level of existing international P&I clubs with the Islamic Member States and the maritime companies registrations with the Club.
Islamic P&I Club must play a major role in the international marine insurance market to provide OISA member and non-member shipowners and charterers with high quality and cost-effective insurance solutions, while having a close cooperation with the prominent reinsurance companies and major P&I clubs.
Due to the fact that there is a vast P&I market for Islamic P&I Club, the strategy deployed is always one of development.
Establishment of the Club primary structure in all market areas
Further outsourcing in order to expand the Club’s service types and areas
Compiling necessary conditions to accept membership of OISA member and / or non-member shipowners
Beginning as a fixed premium provider at the first stage of operation until the core business of 1,000,000 GT is registered by the Club
Providing class-1 and legal costs cover, and developing to other classes according to the future action plan of the Club
Providing integrated Hull & P&I covers in order to offer one stop shopping / one stop servicing
Rendering legal supports and developing the know-how and capability of the members in respect of loss prevention & mitigation of loss
Using electronic data interchange facilities
Employing experts from Islamic countries
Decentralizing operation and utilizing Islamic countries comparative advantages in respect of the Club functions
Utilizing moral, and if appropriate, financial supports of OISA, OIC and their affiliated organizations
Contracting with prominent reinsurance companies and establishing strategic alliance with the major P&I clubs in order to develop further
Introducing the Club to the market around the globe, exploiting publications and websites