Session IV: 23 February 2016
The Emerging Prospects of Takaful in Africa
Panellists:
- Omar Gouda, MD Africa Re, Board Member IFTI, Regional Director NE Africa & ME
- Dr. Adel Mounir, Secretary General, FAIR
- Tarig Osman, MD, United Insurance Co (Sudan) Ltd
- Mohsin Hussein, Founder / Director, Tanzania Takaful Ltd
Takaful in Africa is faring well and this is probably due to its newness in the region, noted Mr Omar Gouda, Managing Director of Africa Retakaful. He noted that the challenges are mainly in terms of setting up suitable regulatory frameworks to differentiate takaful from the conventional industry.
Dr Mounir of FAIR said there are African markets which are keen to grow the takaful industry through various proactive regulatory initiatives, such as Kenya and Nigeria. He recommended making the function of takaful, or insurance, a social security pillar and establishing comprehensive catastrophe schemes.
Mr Tarig Osman, Managing Director, United Insurance Co, Sudan, said that takaful should overake conventional insurance in every manner due to its unique selling proposition, including surplus sharing. He noted that while Africans do not trust in insurance, takaful can change the perception.