Sudan: IFTI holds microtakaful workshop
Source: Middle East Insurance Review | Apr 2015
The International Federation for Takaful and Islamic Insurance Companies (IFTI) held a workshop in Khartoum in cooperation with the Sudan Banks Union (SBU) under the theme, “Microinsurance to protect microfinance”, last December.
Mr Salah Eldin Musa Mohamed, Managing Director, Shiekan Insurance and Reinsurance Co, said the microfinance experience in Sudan is gaining momentum, but there have been some shortcomings which require a comprehensive revision, particularly by involving those in the banking and insurance sectors, to ensure sustainability,
Professor Badr El-Din A Ibrahim, Microfinance Unit Manager at the Central Bank of Sudan (CBS), observed that the lack of awareness of the importance of microfinance needs to be addressed by educational campaigns.
He revealed that in 2015, the CBS plans to unify providers’ policies, noting that the 52 partners lack new IT systems and coordination among themselves. He said the CBS has received several accolades from the International Monetary Fund and the Islamic Development Bank in Jeddah for its work in developing microfinance in Sudan. Professor Ibrahim also stressed the importance of providing incentives to attract foreign capital and grow the microfinance network.
Mr Sirag Elhadi, Secretary General of IFTI, explained the role of microtakaful in protecting microfinance and society in general, highlighting the economic and social importance of microtakaful in Muslim societies.
The workshop discussed various other topics, including the laws governing microfinance in Sudan, target segments, the role of insurance in protecting financiers and beneficiaries, and the role of pools. It was sponsored by the CBS and attended by insurance and banking professionals.