Alhuda Cibe has long term vision for East African Islamic Finance Market.
Dar Es Salam International workshop on Takaful (Islamic Insurance) was held in Dar Es Salaam, Tanzania which was organized by “Takaful Consultancy Wing” of AlHuda Center of Islamic Banking & Economics (CIBE),
The specialized workshop focused on the concept of Takaful, its history, and how it differs from conventional insurance, different models, Shariah Concept, Methodologies and Product Mechanism. The training also aimed to provide the participants with practical experiences in terms of marketing and product development. The training was carried out by renowned Takaful expert Mr. Azeem Iqbal Pirani, Regional Head for FWU AG in Pakistan.
The Chief Guest of the Ceremony, Mr. Paul J. Ngwembe, Director Legal Enforcement of Tanzania Insurance Regulatory Authority (TIRA) welcomed AlHuda Center of Islamic Banking and Economic with this noble cause to promote Islamic insurance (Takfaful) in East Africa and appreciated their efforts to promote it.
He said that Takaful in all standards is a system not just a product like any other insurance products; it is a system whereby insurance professionals need to learn, internalize and become professionals of Islamic Finance. One of the major components of Islamic Finance is Takaful or Islamic Insurance.
At the end of his speech at this juncture, He requested AlHuda to introduce certificate and diploma courses either by joint venture with the existing colleges and Universities here in Tanzania or establish one with a view of training experts who will become potential Takaful Operators, Takaful Brokers and Takaful Agents.
The Guest of Honor of the Ceremony, Mr. Samuel E.M Mchopa, Chief Executive Officer of Association of Tanzania Insurance said that the little I have heard about Takaful is that “It is a form of insurance that is compatible with the principle of Shariah whereby a group of persons agree to support one another jointly against a specified loss. He further added that AlHuda CIBE’s facilitators have gone beyond that Narrow understanding which I have and now the challenge lies on to yourselves on how that knowledge which you have acquired will be reflected into your companies’ books and the economy at large.
Talking about the purpose and motives of International workshop on Takaful, Mr. Muhammad Zubair Mughal, Chief Executive Officer – AlHuda Center of Islamic Banking & Economics (CIBE), thanked the Chief Guests; the facilitator; the organizer, Ms. Tanzila Javed, Regional Coordinator of Africa; and Participants.
He also appreciated the effort of both Chief Guest’s organizations and informed them of future programs AlHuda CIBE has planned for the promotion of this noble cause, Signing of MOU’s with different Universities and colleges in East Africa is just the beginning.
He also mentioned that AlHuda CIBE is organizing 2nd African Islamic Finance Forum in Dar Es Salaam during March, 2016, so that we can unite all african countries in single platform for the development of Islamic Finance including Islamic Banking, Islamic insurance ( Takaful ), Sukuk and Islamic Microfinance.