The Takaful Insurance of Africa Limited has introduced an insurance package grounded in Islamic Muamalat, the Islamic Banking Principles espoused in Islamic law and aims at serving all Kenyans across religious faiths.
Vice President Kalonzo Musyoka lauded the move by Takaful Insurance of Africa, saying it will give an opportunity to many Kenyans who have been yearning for such services.
Musyoka noted that the principle of "Takaful" an Arab word meaning "guaranteeing for each other" encourages policyholders to cooperate among themselves for their common good, pay subscription to help the needy, spread liabilities and losses according to community pooling system beside eliminating uncertainties in respect to subscription compensation among others.
"We need to have in place appropriate ideals that suit the formulation of insurance products that encourage broader coverage of health, life, property and disaster among others," he said on Thursday night in Nairobi.
The Vice President called for a through study into principles that guide various insurance systems with a view to instilling best practices in the industry.
Musyoka praised the Takaful Insurance products, saying it is a welfare-based business modeled to cater for the needs of the common citizens other than the affluent in the society only.
He said the initiative will benefit many Kenyans including small and medium scale entrepreneurs such as jua kali artisans, boda boda operators among others through affordable rates of insurance cover.
"My desire is to see your unique products translate to self- reliance and produce self- sustaining systems for our community’s greater well-being where the fortunate will enthusiastically help the less fortunate in the journey towards a prosperous nation," Musyoka said.
Tourism Minister Najib Balala commended the directors of Takaful for being innovative and taking bold steps and risks in starting the company in Kenya.
"Kenyans are very innovative. We have many youths who are talented in various fields," he noted.
The minister called on other organizations to consider equity and social needs of the members of the society by caring for one another.
Commissioner of Insurance Sammy Makove said Takaful is the first Sharia complaint insurance company in the region.
He disclosed that plans are underway to ensure insurance cover is accessible to many Kenyans.