Shariah-based 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.
In an investor briefing held in Nairobi, the faith-based underwriter launched an expansion plan that will see it establish a presence in a number of counties.
Drive our expansion
Priority has been to counties in the North Eastern, Upper Eastern and Coastal regions of Kenya which have high population of the Muslim community.
“We are banking on devolution to drive our expansion as we seek to set base in all counties,” TIA’s chief executive Hassan Bashir said.
The company posted profits of Sh26 million and a 142 per cent growth in its gross written premium for the year 2012 reaching Sh430 million.
The insurer went ahead to share 60 per cent of the surplus earnings (Sh15.6 million) with its 4,000 customers who did not make any claim during the financial year — tabarru principle.
“Our products and services while based on Sharia-compliance are open to people of all faiths who believe in a cooperative model of insurance that is both ethical and fair to all involved.
“For this reason, we invite Kenyans of all backgrounds to take up policies with us, to see the difference we are making,” Mr Bashir said.