Takaful perceived as having significant potential in Tanzania


AlHuda CIBE has a long term vision for the development of Islamic Banking and finance industry in Tanzania: Zubair Mughal

3rd March, 2015

(Dar es Salaam) “Takaful is an opportunity whereby a big population of our people will have a chance to access insurance using Takaful system”. This was stated by Mr. Paul J. Ngwembe, Director Legal Enforcement, of Tanzania Insurance Regulatory Authority (TIRA). He was speaking at the conclusion of a two days specialized Takaful workshop arranged for Insurance and risk management professionals by Al-Huda, Centre of Islamic Banking & Economics (CIBE). The said awareness workshop was arranged in Dar es Salaam and had a jam-packed audience from the Insurance industry.  Mr Paul also disclosed that TIRA is at the final stage of drafting Takaful Regulations with a view to setting up a regulatory mechanism of Takaful in the country. He said that TIRA encourages all stake-holders, including insurance professionals, Takaful Operators, Agents and experts to attend such workshops so as to acquire the requisite know-how of this pristine system, he also appreciated AlHuda CIBE efforts for the development of Takaful Industry.

Earlier, Capt. M. Jamil Akhtar Khan, Principle Consultant Al-Huda Centre of Islamic Banking and Economics conducted a comprehensive Takaful awareness workshop that comprised of several sessions.  He particularly emphasised the importance of Health-Care as well as Personal Lines’ business that can be provided as ‘Micro-Takaful’. To this end, he observed, TIRA had already notified Micro-Insurance Regulations in March last year and their intended Notification of Takaful Regulations 2015 shall further strengthen their resolve to get things moving in the right direction.

 

Towards the end of the Workshop, Mr. Paul was invited to distribute participation Certificates among the participants. He also thanked the organizers for conducting such an important workshop. Also present on the occasion, was Mr. Zubair Mughal, the Chief Executive Officer of Al-Huda CIBE who individually met the participants on the side-lines of the Takaful workshop and congratulated them all on their keenness to learn more about the Takaful system & mechanism.

 

Zubair Mughal added that AlHuda CIBE has a long term vision for the development of Islamic Banking and finance industry in Tanzania and other African countries as AlHuda already established their branches network in Uganda & South Africa. He mentioned that a Takaful company can work independently but Islamic Banking industry cannot work without Takaful as Islamic Banking needs Shariah Compliant insurance solution to get rid from amalgamation of Interest, if we want to develop Islamic Banking Industry then we have to develop Takaful industry as well. He also admired the sincere efforts taken by TIRA to introduce Takaful regulations in near future.

Source: AlHuda Center of Islamic Banking and Islamic Economics

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