Africa: Takaful sector urges adoption of Islamic insurance
Source: Middle East Insurance Review | Sep 2023
Takaful players are lobbying for the adoption of takaful as a platform for financial inclusion and for collaboration on regulations to foster the growth in Africa.
These messages emerged during the inaugural African Takaful and Non-Interest Finance Conference, held in Lagos on 1-2 August 2023. The event gathered industry leaders, experts and stakeholders across Africa to discuss and explore the transformative potential of technology as it drives takaful and non-interest finance in Africa, reported the publication Leadership.
Speaking at the event as the guest of honour, the former emir of Kano Khalifa Sanusi II said there was a need for practitioners to see technology as a big enabler in advancing the takaful model and non-interest finance in Africa. He also said industry players should collaborate on the best way possible to improve regulations.
National Insurance Commission deputy commissioner for insurance Sabiu Abubakar said that the regulator was trying its best to support operators in promoting the growth of takaful in Nigeria with market-friendly regulations. He said there was a need for industry players to embrace technology to expand the market and enhance the efficiency of the takaful model. M