AlHuda CIBE and Ethiopia Reinsurance have entered into an agreement in order to promote the takaful and retakaful industry in the East African and Ethiopian insurance market.
Zubair Mughal, CEO of AlHuda CIBE, said that Islamic finance is not only the interest of the Muslim population due to a number of non-Muslims who are taking an interest to learn and implement it.
He added that according to this agreement, both organisations are set to work together in order to strengthen the takaful and retakaful industry in the East African and Ethiopian region.
It’s also been noted that an annual conference will also be held under the agreement to promote the industry.
AlHuda CIBE will offer its technical and Shariah advisory, trainings and other services to the takaful industry. AlHuda CIBE and Ethiopian Reinsurance will work together to promote the captive takaful industry.
Mughal stated that more than 400 Takaful companies and 35 plus retakaful companies are now working globally.
The takaful industry will help to manage the risk under ultimate Shariah rulings and important for the promotion of Islamic finance industry overall. Islamic finance industry is in need to avail Shariah compliant risk management techniques which is only possible under the takaful concept. This will strengthen the Islamic finance industry overall.
Fikru Tsegaye, A/CEO of Ethiopian Reinsurance said that they are dedicated to develop the retakaful market in the region.
This initiative will also strengthen the local takaful industry in Ethiopia. Furthermore, other regional markets would also be benefited by the initiative.