Pan-African reinsurer, Continental Reinsurance, has introduced Sharia-compliant products in hopes of entrenching insurance business among Muslims.
The reinsurer that converted it Kenyan branch to a full fledged subsidiary last year will rival Kenya Reinsurance which was the only other reinsurer that was shouldering risks taken from the Muslims through Takaful Insurance.
"It's important for Africa's development and growth to have strong, robust and large reinsurance institutions so that African premiums remain in Africa," said Continental Reinsurance group executive Femi Oyetunji.
Continental Reinsurance is based in Nigeria with offices in Cameroun, Côte d'Ivoire and Tunisia.
Takaful Insurance, which was licensed three years ago, has been the main driver of insurance services to the Muslim community. As at end of last year its chairman said it was controlling premiums exceeding Sh500 million underlining the potential in the sector.
Global takaful premium is presently estimated at $9.15 billion (Sh778 billion) and is projected to grow to $25 billion (Sh2 trillion) by 2015.
Life insurance uptake among Muslims is low due to a lack of sharia-compliant products with the first launched at the beginning of the year by Takaful Insurance.
Other sharia-compliant services recently launched include the takaful pension scheme said to be attracting savings in excess of Sh20 million a month as per the chairman and fund management by First Community Bank.
Source Nation Media Group
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