IslamicFinance.de

Takaful Insurance of Africa is banking on product diversification and opening of more shops to establish itself better in the region. The insurer has already acquired an operating licence from the Retirement Benefits Authority to start a Shariah-compliant pension scheme while the Insurance Regulatory Authority (IRA) allowed it to transact long-term insurance business or family Takaful known in conventional insurance as life insurance. Moreover, TIA is planning its expansion, especially in regions of Kenya with a high Muslim population. The company posted profits of Sh26 million for the year 2012.