Tanzania: Zanzibar introduces takaful
Source: Middle East Insurance Review | Sep 2023
Zanzibar president Hussein Mwinyi has launched takaful services in the semi-autonomous state, which is part of Tanzania and has its own government. Almost all (99%) of the 800,000-strong population in the archipelago are Muslims. In Tanzania, more than a third of the total population are Muslims.
The new Islamic insurance services are offered by the Zanzibar Insurance Corporation through its subsidiary known as ZIC Takaful, reported Daily News.
Speaking at the inauguration of takaful in early July, Dr Mwinyi said that takaful will boost the foundation and opportunity for the country to promote itself as the best investment location on the East African coast.
He said, “I am using this opportunity to welcome domestic and foreign investors to take advantage of this facility by coming to invest in insurance services of this type and in turn insure large projects, which will stimulate the growth of our economy.”
Tanzania Insurance Regulatory Authority head Baghayo Saqware said that currently, the insurance market in the country serves only 15-20% of the population. The government’s goal is to develop an inclusive insurance system through innovation and the launch of new services. M