Kenyan ICMIF member, Takaful Insurance of Africa Ltd (TIA), plans to expand its operations into five East African nations, Chief Executive Officer Hassan Bashir said recently. TIA is Kenya’s only Shariah-compliant insurer.
Under TIA’s five-year plan it will expand into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed enclave of Somaliland, where it was granted a license this year, Bashir said.
“The intention is to grow the takaful insurance model both in Kenya as well as expanding into the Eastern Africa region,” Bashir said in an interview in April.
The global market for Shariah-compliant (takaful) financing is set to double to USD 3 trillion by 2015, according to Standard & Poor’s.
CIC Insurance Group (CIC), another ICMIF member and Kenya’s second-biggest insurer by premiums, is one of the largest investors in TIA with about 22 percent, while four investment companies also have stakes.
In Kenya, TIA has four outlets and 80 agents in Nairobi and Mombasa. The company plans to add at least two more outlets this year and double the number of agents, Bashir said.