DAR ES SALAAM: The government has commended First United Takaful Insurance Company for introducing Islamic insurance services that will contribute to the
overall economic development of Tanzania, as well as the 2020 to 2030 financial sector development master plan aligns with the vision for the insurance sector outlined by both the Tanzania mainland and Zanzibar.The praise was conveyed by Dr. Saada Mkuya, the Zanzibar Minister of State in the Office of the President, Finance, and Economy, during the launch of the company and its Takaful insurance service based on Islamic principles in Dar es Salaam.
The Minister emphasized that this initiative supports the efforts of both the President of the United Republic of Tanzania, Samia Suluhu Hassan and the President of Zanzibar, Dr Hussein Ali Mwinyi, in promoting the nation’s economy through the insurance sector.
“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 percent 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.
The Minister further mentioned the commitment of both governments to create a conducive environment for Takaful investment, emphasizing the importance of innovation and technological advancements in achieving progress and reforms in the insurance sector.
“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, the 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 all stakeholders to create an enabling environment for Takaful services to benefit the citizens.
Earlier, Abdulnassir Ahmed Mohamed, the CEO of First United, emphasized the significance of insurance in daily life, legally, socially, and economically, highlighted the challenges in accessing insurance services that cater to spiritual beliefs and expressed the company’s commitment to providing Takaful insurance that aligns with Islamic principles.
On his part, Dr. Kassim Hussein, the Chairman of the Board, emphasized the company’s role as pioneers in providing various Takaful products for the safety and peace of both Muslim and non-Muslim customers. He underscored the transformative nature of Takaful in the insurance industry and the company’s dedication to maintaining high standards of professionalism, customer satisfaction, and ethical values.
“It is important to note that Takaful is not just a product, it represents a significant transformation in the insurance industry, it is evidence of our commitment to serving our diverse customers with honesty and understanding, we genuinely believe that insurance should be accessible to all, regardless of their religious beliefs, and Takaful enables us to achieve this without compromising 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.
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