Palestine: Two new takaful operators to enter the market
Source: Middle East Insurance Review | Oct 2022
The Capital Market Authority (CMA) in Palestine has approved the licensing of a new takaful operator, Al Baraka, with a capital of $5m. Al Baraka will be focusing on achieving higher financial inclusion while giving greater attention to providing comprehensive agriculture insurance solutions, said Al Baraka general manager Abdelhakim Qassem, reported the Iqtissadi News.
He added that the company will roll out 15 insurance products which will focus on various agriculture and livestock insurance coverage. Mr Qassem noted that the establishment of the National Agriculture Insurance scheme by the Palestinian Agricultural Disaster Risk Reduction and Insurance Fund (PADRRIF) has triggered the need to setting up Al Baraka.
CMA insurance department director Ayman Sabbah told the newspaper that another takaful operator, which will hold the name of Holy Lands Takaful, is in the process of gaining a license.
With the entrance of the two new operators, the number of shariah-compliant insurers will increase to four in Palestine. Currently there are two active operators in the market: Takaful Insurance Palestine and Tamkeen. M