Kenya’s only Shari’ahcompliant insurer keen to expand
Takaful Insurance of Africa, Kenya’s sole Shari’ah-compliant insurer, plans to expand its operations into five East African nations, according to CEO Hassan Bashir. As part of a five-year plan, Takaful will expand into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed Somaliland. “The intention is to grow the Tafakul model both in the country as well as into the Eastern Africa region,” says Bashir. According to ratings agency Standard & Poor’s, the global market for Shari’ah-compliant financing is set to double to $3 trillion by 2015. Takaful Insurance has four outlets and 80 agents in Nairobi and Mombasa and the company plans to add at least two more outlets this year and double the number of agents.