South Africa: FNB Islamic Banking launches takaful
Source: Middle East Insurance Review | Jun 2017
FNB Islamic Banking has launched takaful services, with products for commercial, vehicle, personal, corporate and household cover.
Mr Amman Muhammad, CEO of FNB Islamic Banking, said: “Takaful is the perfect complement to the range of financial services offered by FNB Islamic Banking. Our bouquet of products and services includes Islamic transactional banking, asset finance and an extensive range of Islamic investment options. We now can truly claim to be a one-stop Islamic financial services shop.
“Takaful, as with all of our other Islamic financial services, is available to Muslim and non-Muslim customers alike.”
Takaful was first introduced in South Africa in 1989, but the Islamic insurance market has yet to take off in the country. South Africa has a Muslim population of over 1.5 million. The African continent has a Muslim population of more than 550 million. M