Tunisia: Zitouna Takaful targets to double market share to 4% by 2020
Source: Middle East Insurance Review | Jul 2017
The first Islamic insurer in Tunisia, Zitouna Takaful, has posted a turnover of TND36.3 million (US$15.0 million) for a market share of 2.1% last year, and targets to chalk up TND47 million in revenue in 2017 and a market share of 4% in 2020.
The company reported a net profit of around TND2.5 million for 2016, compared with 2015’s TND1.054 million and 2014’s net loss of TND2.762 million.
Mr Makrem Ben Sassi, CEO of Zitouna Takaful, said: “The performance achieved in 2016 is the result of a clear and shared strategic vision. More than ever, we are riding on the digitisation of the company and catering to the needs of our customers.”
For the past four years (2013-2016), Zitouna Takaful posted an average growth of 60% in its turnover compared with the market’s average of around 9%.
The takaful company, launched in 2012, is represented today across a large part of Tunisia through 50 agencies. The goal is to have 75 branches in the network by 2020. M
TND1 = US$0.41