A conventional insurance agency in Kenya has converted to become a fully-fledged Takaful firm, offering only Islamic insurance products, because of what it said is the rising demand for Shari'ah compliant financial services in Kenya.
Al Wataniya Insurance Company said it is now offering more than a dozen Takaful products on behalf of Takaful Insurance for Africa, East Africa's only stand-alone Takaful company, which started operations in January this year.
"We converted our company to Takaful in March this year because of the high demand for such services," the company's managing director, Ali Mohamed, told The Islamic Globe.
The firm has established its headquarters in the Kenyan coastal city of Mombasa, where the population is predominantly Muslim.
"The people here [in Mombasa] are not insured because they do not like conventional insurance. We have come to cover that gap," Mohamed said.
The change in company's product focus is an indication of the growing awareness of Islamic finance in East Africa and especially in Kenya which already hosts two Islamic banks and is planning to issue sovereign Sukuk later this year.
source: The Islamic Globe