Djibouti (HAN) March 16, 2015 – Public Diplomacy and Regional Financial Investment News. By: Geeska Afrika Online. To address the Financial Investment challenges in Mogadishu, Takaful, the first Islamic insurance company of Somalia, was opened December last year in Mogadishu, Somalia, marking a shift to protect critical assets and assist regional business practice in Somalia, which has for a long time been prone to risks without cover.
Takaful launched the framework for HOPE
The Takaful company already has successful operations in Mogadishu markets across Southern Somalia. The First Takaful and Re-Takaful Insurance partnership has already launched two regional operations in Mogadishu for the last three months.
Somalia’s annual growth rate ranges between five and ten percent in spite of the fallout of the global financial crisis, as well as regional security threats against major critical assets in Somalia.
Therefore, the the first Islamic insurance company of Somalia (First Takaful and Re-Takaful Insurance Company), aims at providing life, car and house insurance in line with the Islamic insurance principles in the Somali market.
The firm was launched in December 2014 and known as the Somali Islamic Insurance Company (First Takaful and Re-Takaful Insurance Company)
Mohamed Abdi Mohamed (Afwayne), General Director of the First Takaful and Re-Takaful Insurance Company, told Geeska Afrika Online that the strategic base of Takaful was to facilitate the need to provide insurence, both private and public assets in Somalia to minimize risks and promote daily business operations in Somalia (Corporate business in Somalia are rising).
Mohamed Abdi Mohamed (Afwayne) said Takaful was going to develop customer-friendly insurance products to ensure that majority of the businesses in Somalia embrace insurance, not just for cover from risks but also as a form of investment for young people.
“We are focusing on delivering Sharia compliant insurance products to any part of the country and across the world,” said Mohamed, noting that Takaful was going to fill the gap left in the insurance industry which has been nonexistent for more than two decades.
Somalia has been without any form of insurance since the collapse of the Somali democratic Republic
The private motor vehicles sector in Somalia has been hardest hit for the last 5 years. Several vehicles have been destroyed through hand grenades, and the owners are left to bear the full cost of recovery, without any insurance or financial assistance.
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