IslamicFinance.de

Takaful Insurance of Africa developed a new product, a digital data protection tool that will enable individuals and businesses to secure their online presence. Known as MyCyberCare, the product will cover users on all forms of online fraud and virus attacks. During the presentation, Takaful representatives reiterated the importance of the recently signed Data Protection Bill that details a lot of measures that can be enforced to protect personal data. Takaful, which says it processes cybercrime claims in under 72 hours, will avail the product to interested companies and people. Plan prices will range from KES 50000 to KES 3 million.

The fast growing Islamic insurance package, Takaful, is not exclusively meant for Muslims, as it has been designed to cater for the needs of non-Muslims as well. This clarification was made by the founder of Takaful Insurance of Africa, Mr Hassan Bashir, who disclosed that the Kenya-based company’s products could bring fruitful possibilities to the doorsteps of non-Muslims as well as, not just for people of the Muslim faith. Bashir made this known at a recent chat with the media where he also revealed that non-Muslims currently constituted about 15 per cent of the company’s customer base, adding that the figure was expected to increase as time passed.

Hassan Bashir, Founder of Takaful Insurance of Africa, says the Kenya-based company's products can bring possibilities to many and are not exclusively for people of the Muslim faith. Takaful Insurance of Africa started in Kenya, but opened an office in Somalia 6 months ago, as well as expressed interest in Uganda, Djibouti and Tanzania. Hassan Bashir believes that Islamic finance can bring possibilities to many people by helping them get employment and access to finance. With the company's index-based livestock takaful, pastoralists are continuously educated so that they understand that the cover is in line with their religious sensitivities and this is to sustain their livelihoods despite droughts. In the long run, this will solve the negative perceptions about Islamic finance.

Researchers in Kenya have developed a pioneering insurance policy for nomadic Muslim livestock herders, which has now delivered its first payout of approximately $5,800 to 101 farmers to compensate them for drought losses. The policy, which was purchased by about 4,000 pastoralists in Northern Kenya, was developed by the International Livestock Research Institute and commercially delivered by Takaful Insurance of Africa. Since the farmers usually habitat isolated areas, index-based insurance works better than traditional insurance. For Takaful Insurance of Africa, the project is a leap of faith, as they are not currently making a profit. However, hopes are the project will eventually be self-sustaining.

Kenya's only Shariah-compliant insurer Takaful Insurance of Africa Ltd (TIA) plans to expand its operations into five East African nations, according to its Chief Executive Officer Hassan Bashir. Under TIA’s five-year plan it will expand into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed enclave of Somaliland, where it was granted a license this year. CIC Insurance Group (CIC) is one of the largest investors in TIA with about 22 percent, while four investment companies also have stakes. In Kenya, TIA has four outlets and 80 agents in Nairobi and Mombasa. The company plans to add at least two more outlets this year and double the number of agents, Bashir said.

Kenya-based Takaful Insurance of Africa Ltd. plans to expand into five East African countries, including Tanzania, Somalia, Uganda, Ethiopia and the self-declared sovereign state Somaliland, as part of the insurer's plans for the 2013-2017 period, CEO Hassan Bashir said.

Takaful Insurance of Africa Ltd. plans to expand its operations into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed enclave of Somaliland under its five-year plan 2013-2017. In Kenya, Takaful Insurance has four outlets and 80 agents in Nairobi and Mombasa. The company plans to add at least two more outlets this year and double the number of agents, according to its CEO Hassan Bashir. Takaful’s premiums totaled 430 million shillings last year.

Takaful Insurance of Africa is banking on product diversification and opening of more shops to establish itself better in the region. The insurer has already acquired an operating licence from the Retirement Benefits Authority to start a Shariah-compliant pension scheme while the Insurance Regulatory Authority (IRA) allowed it to transact long-term insurance business or family Takaful known in conventional insurance as life insurance. Moreover, TIA is planning its expansion, especially in regions of Kenya with a high Muslim population. The company posted profits of Sh26 million for the year 2012.

In line with the Sharia law on insurance of sharing profits and losses, Takaful Insurance of Africa company has shared Sh15.6 million surplus from its premium pool with clients. The company on Saturday issued 2,000 clients who contributed to the company's premium pool over the last one year with cheques for various amounts depending with the money they paid for various covers. The three highest paid customers took home Sh240,000, Sh150,000 and Sh100,000 respectively. According to its five-year plan, the company plans to spread its wings all over the country and to establish networks in Nyanza, Western and also Isiolo county.

Takaful Insurance of Africa has been licensed and launched in Nairobi.
The company was registered by the Kenyan industry regulator, Insurance Regulator Authority, this month. It is backed by the Cooperative Insurance Company of Kenya.
The launch of Takaful Insurance of Africa follows on from the granting of two Islamic banking licenses to Kenyan authorities in 2007 to Gulf African Bank and First Community Bank.

Takaful Insurance of Africa will be launched in Nairobi on Tuesday, joining a market currently served by more than 45 conventional insurance companies.
The company, the first such operator in East Africa, was founded in 2008 and registered by the industry regulator, Insurance Regulator Authority, this month.