Takaful perceived as having significant potential in Tanzania.

A two days specialized Takaful workshop arranged for Insurance and risk management professionals by Al-Huda, Centre of Islamic Banking & Economics (CIBE) took place in Dar es Salaam. At the workshop, Mr. Paul J. Ngwembe, Director Legal Enforcement, of Tanzania Insurance Regulatory Authority (TIRA) 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 added that TIRA encourages all stake-holders to attend such workshops so as to acquire the requisite know-how of this system. Mr. Zubair Mughal, the Chief Executive Officer of Al-Huda CIBE said that AlHuda CIBE has a long term vision for the development of Islamic Banking and finance industry in Tanzania and other African countries.