Kenya’s only Shari’ah­com­pli­ant in­surer keen to ex­pand

RISKAFRICA Magazine - - • AVCA -

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.

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