First United Takaful Insurance Company has been applauded for introducing Islamic insurance services, considering it a significant contribution to the nation's economic development. The launch aligns with the 2020-2030 financial sector development master plan and resonates with the vision outlined by both Tanzania mainland and Zanzibar for the insurance sector.
Dr. Saada Mkuya, Zanzibar's Minister of State in the Office of the President, Finance, and Economy, conveyed the government's appreciation during the official launch of First United Takaful and its Takaful insurance service based on Islamic principles in Dar es Salaam.
The Minister underscored the initiative's support for the economic goals of President Samia Suluhu Hassan and Zanzibar President Dr. Hussein Ali Mwinyi, emphasizing the importance of the insurance sector in driving economic growth.
Dr. Saada highlighted the strategic goals of the Tanzania Insurance Regulatory Authority (TIRA), aiming to introduce 10 new insurance products by 2030 and achieve 90 percent health insurance coverage. She emphasized the need for increased public awareness about the benefits of insurance.
“We appreciate TIRA for allowing Islamic-based insurance services, which are crucial for both Muslim and non-Muslim customers, thank you for laying a solid foundation,” added Minister Saada.
Khadija Issa Said, Deputy Insurance Commissioner, congratulated First United Takaful for becoming the second company in the country to receive a license for providing Takaful-based insurance services. She assured close collaboration between the insurance authority and stakeholders to create an enabling environment for Takaful services to benefit citizens.
Abdulnassir Ahmed Mohamed, the CEO of First United, highlighted the challenges in accessing insurance services aligned with spiritual beliefs and expressed the company’s commitment to providing Takaful insurance in line with Islamic principles.
Dr. Kassim Hussein, Chairman of the Board, emphasized the transformative nature of Takaful in the insurance industry. He underscored the company’s dedication to maintaining high standards of professionalism, customer satisfaction, and ethical values.
“As we embark on this new chapter of Takaful, we recognize the substantial responsibility ahead of us, we understand the necessity for continuous innovation, adaptability, and addressing challenges that may come our way, we assure you that we will remain dedicated, upholding high standards of professionalism, claims responsibility, and customer satisfaction,” added Dr. Hussein.
Abdulnasir Ahmed Mohamed, the Chief Executive Officer of First United Takaful Insurance Company, speaks during the launch event of First United Takaful Insurance Company and Takaful Insurance Service, which follows the principles and rules of the Islamic religion (Shariah) in Dar es Salaam recently. |
"One of the strategic goals of the Tanzania Insurance Regulatory Authority (TIRA) is to ensure the introduction of 10 new insurance products by 2030, with the aim of achieving 90% health insurance coverage and facilitating the distribution of affordable insurance," said Dr. Saada. She also highlighted the need for increased public awareness about the importance and benefits of insurance.