Takaful pays over R200 million in claims!
Members of Ammanah IFS recently had a meeting with Uwaiz Jassat (MD of Absa Takaful) where we discussed several issues related to Takaful. This included some of the challenges we face, the market condition and we also looked at opportunities to improve the service and in particular the Takaful product’s benefits.
Uwaiz was pleased to inform us that Takaful has now paid out over R200 million Rands in claims since it began. That is amazing considering we are only dealing with a small segment of the entire insurance industry!
We at Ammanah would like to congratulate Uwaiz and his team on achieving this milestone and we feel it will go along way in strengthening Shariah approved insurance, ie. Takaful in South Africa.
Absa Takaful (formerly Takafol South Africa) will in September be providing Takaful services to the Muslim community of South Africa for 10 years. During this time they have ensured that the Takaful Fund provides asset protection and cover to thousands of Muslims. The fund has paid significant fire claims all over south Africa; ensuring that business is up and running and adding value to the Ummah at large. In total, claims payments have exceeded R200 million and with the growth of Takaful participants we see currently, we expect that figure to reach one billion Rands within the next few years.
Ammanah IFS is excited by this news and will continue supporting and driving the move towards riba free, Shariah approved products like Takaful for the local Ummah to benefit from.