Absa Insurance purchases South Africa’s only Islamic insurer

Takafol will become part of Absa Islamic Banking and perform under the name Absa Takafol.
Amman Muhammad, Managing Director of Absa Islamic Banking, stated that Absa Takafol will look at the way they expand their service offering beyond banking and provide customers with an unparalleled Islamic value proposition.
It seems that the possible market for Takaful products in South Africa has been estimated at ZAR 3 billion ($412 million).