Takaful - Ghana: Insurance regulator to introduce takaful to the market
Source: Middle East Insurance Review | Jun 2016
The National Insurance Commission (NIC) may soon introduce Islamic insurance in Ghana to play a key role in building the takaful by diversifying the market and boosting premiums.
Speaking to Citi Business News, Commissioner of Insurance Lydia Lariba Bawa said that a consultant would be engaged soon to advise the NIC on the implementation of takaful.
“The principles of (conventional) insurance are almost the same; but with takaful, there is a slight religious slant, so we have engaged an expert to advise us on the nature of that insurance so that we can introduce it in Ghana,” she said.
Ms Bawa is optimistic the move will contribute to the NIC’s effort to increase insurance penetration in Ghana. “In places where the Muslim population is higher, like say Gambia and Nigeria, takaful insurance is gaining ground. There is a Muslim community in Ghana that we can tap by introducing takaful.”
She said that neighbouring Nigeria, which introduced takaful in 2005, could be a reference for Ghana. Ms Bawa said that although Ghana’s Islamic population was not as large as Nigeria’s, Islamic insurance could still catch on.