|
ZAMBIA:
Phoenix of Zambia Assurance has successfully launched its Takaful
window on the 23rd May 2014. Commencing operations in the
capital city of Lusaka, Phoenix’s Takaful venture is a first for its
parent company, Phoenix Assurance Group.
Speaking
exclusively to Islamic Finance news,
Joof Momodou Musa, the chief operations officer of Phoenix of Zambia
Takaful Window (who was previously the managing director, CEO and
founder of Takaful Gambia in West Africa), provides an insight into its
debut business operations.
“The
Takaful window seeks to provide an alternative to the Muslim community
as well as a fairer system of insurance to non-Muslims looking for a
more ethical way to doing insurance business,” said Joof. “Our
immediate objective is to become leaders of the Zambian insurance
industry by being the insurer of choice for both intermediaries and
consumers of insurance services. Our long-term goals are to cover the
continent providing the most efficient, reliable and cost effective
services in conventional and Takaful offerings.”
As
a start, Phoenix’s Takaful products currently cover: motor, marine,
travel, fire and general accident as well as bancassurance. According
to Joof, Phoenix seeks to further expand its variety of product suite
to include medical insurance, personal accident cover for schools,
Family Takaful and Shariah compliant investment windows.
Conveying
his outlook on the Takaful sector in Africa, Joof expounded: “Takaful
has great potential in Africa because the global economic crisis has
less impact on the continent. Furthermore, there is also strong
reception of Takaful in the region as well as high sensitivity to
fairness in business practices.”
The
African region has demonstrated significant success in the Islamic
insurance landscape: Nigeria has passed legislation for Takaful in the
country; Kenya-based Takaful of Africa is now fully operational; Africa
Re has set up a re-Takaful window in Egypt; and Senegal is presently
showing keen interest for the Takaful segment. All these developments
promise a potentially healthy appetite for Shariah compliant financial
products in the region.
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.