Press release on takaful perceived as having significant potential in tanzania
“Takaful is an opportunity whereby a big population of our people will have a chance to access insurance using Takaful system”. This was stated by Mr. Paul J. Ngwembe, Director Legal Enforcement, of Tanzania Insurance Regulatory Authority (TIRA). He was speaking at the conclusion of a two days specialized Takaful workshop arranged for Insurance and risk management professionals by Al-Huda, Centre of Islamic Banking & Economics (CIBE).
Published on: Mar 4, 2016
Transcripts - Press release on takaful perceived as having significant potential in tanzania
Takaful perceived as having significant potential in Tanzania
AlHuda CIBE has a long term vision for the development of Islamic Banking and finance
industry in Tanzania: Zubair Mughal
(Dar es Salaam) “Takaful is an opportunity whereby a big population of our people will have a chance to access
insurance using Takaful system”. This was stated by Mr. Paul J. Ngwembe, Director Legal Enforcement, of
Tanzania Insurance Regulatory Authority (TIRA). He was speaking at the conclusion of a two days specialized
Takaful workshop arranged for Insurance and risk management professionals by Al-Huda, Centre of Islamic
Banking & Economics (CIBE). The said awareness workshop was arranged in Dar es Salaam and had a jam-packed
audience from the Insurance industry. Mr. Paul also disclosed that TIRA is at the final stage of drafting Takaful
Regulations with a view to setting up a regulatory mechanism of Takaful in the country. He said that TIRA
encourages all stake-holders, including insurance professionals, Takaful Operators, Agents and experts to attend
such workshops so as to acquire the requisite know-how of this pristine system, he also appreciated AlHuda
CIBE efforts for the development of Takaful Industry.
Earlier, Capt. M. Jamil Akhtar Khan, Principle Consultant Al-Huda Centre of Islamic Banking and Economics
conducted a comprehensive Takaful awareness workshop that comprised of several sessions. He particularly
emphasized the importance of Health-Care as well as Personal Lines’ business that can be provided as ‘Micro-
Takaful’. To this end, he observed, TIRA had already notified Micro-Insurance Regulations in March last year and
their intended Notification of Takaful Regulations 2015 shall further strengthen their resolve to get things
moving in the right direction.
Towards the end of the Workshop, Mr. Paul was invited to distribute participation Certificates among the
participants. He also thanked the organizers for conducting such an important workshop. Also present on the
occasion, was Mr. Zubair Mughal, the Chief Executive Officer of Al-Huda CIBE who individually met the
participants on the side-lines of the Takaful workshop and congratulated them all on their keenness to learn
more about the Takaful system & mechanism.
Zubair Mughal added that AlHuda CIBE has a long term vision for the development of Islamic Banking and
finance industry in Tanzania and other African countries as AlHuda already established their branches network in
Uganda & South Africa. He mentioned that a Takaful company can work independently but Islamic Banking
industry cannot work without Takaful as Islamic Banking needs Shariah Compliant insurance solution to get rid
from amalgamation of Interest, if we want to develop Islamic Banking Industry then we have to develop Takaful
industry as well. He also admired the sincere efforts taken by TIRA to introduce Takaful regulations in near
About AlHuda CIBE:
AlHuda Center of Islamic Banking and Islamic Economics (CIBE) is a well recognized name in Islamic banking and
finance industry for research, advisory and capacity building over the last ten years. The prime goal has always
been to remain stick to the commitments and provide state-of-the-art Advisory Consultancy and Education
through various well recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings
Workshops, and Islamic Microfinance and Takaful Consultancies etc. Side by side through our distinguished,
generally acceptable and known Publications in Islamic Banking and Finance.
We are dedicated to serve the community as a unique institution providing Services not only in UAE/Pakistan
but all over the world. We have so far served in more than 25 Countries for the development of Islamic Banking
and Finance industry so far.
For further Details about AlHuda CIBE, please visit: www.alhudacibe.com
For Media Contact:
Ms. Shaguftta Perveen