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Sunday, 9 December 2007

Gambia: Islamic Insurance Company Introduced


A group of Imams and Islamic scholars in the Greater Banjul Area, last Friday, showered prayers on Takaful Insurance Company, a newly established Islamic Insurance Company located at the Old Immigration Building, along Dobson Street, Banjul.

Scholars recited the Holy Qur'an and the solemn gathering was attended by prominent Imams, including Ousainou Baye of Sukuta, Baba Leigh of Kanifing, and Barham Jobe. Speaking in an interview with the Daly Observer, Momodou Musa Joof, managing director designate of the Takaful Insurance Company, who has 12 years working experience in the insurance industry, said he came to know about Islamic insurance in Malaysia and decided to introduce it in The Gambia upon his return.
Ebou Waggeh, marketing consultant of Takaful Insurance Company, said the company is meant to cater for those who would like to use Sharia compliant insurance services. Mr Waggeh added that the company is the first of its kind in West Africa.
According to him, Takaful is based on the concept of solidarity, cooperation and mutual understanding.
Drawing a distinctive contrast between conventional insurance and Takaful, Mr Waggeh said the company is visible in terms of investment of funds, while conventional insurance companies invest their funds based on interest avenues.
However, Mr Waggeh was quick to add that Takaful is not a new concept, as far as the insurance commercial law is concerned.
"It has been in existence since the time of the Holy Prophet. Whenever calamity occured in those days, people contributed to give to the victims," he explained.
He described this as a principle based on reciprocity, compensation and joint responsibility.
Imam Baba Leigh, welcomed the company to the insurance landscape of The Gambia, stressing that its introduction is a step in the right direction.
"Islam is a religion of truth and this is a genuine case. But people need to be sensitised intensively about this Islamic insurance company," he observed.
The Kanifing East Imam then urged the management of Takaful to be steadfast in their work.
Oustass Abdoulie Drammeh expressed delight with the company, saying that Takaful has come to help Muslims to spend their wealth in accordance with the teachings of Islam.
A group of Imams and Islamic scholars in the Greater Banjul Area, last Friday, showered prayers on Takaful Insurance Company, a newly established Islamic Insurance Company located at the Old Immigration Building, along Dobson Street, Banjul.
Scholars recited the Holy Qur'an and the solemn gathering was attended by prominent Imams, including Ousainou Baye of Sukuta, Baba Leigh of Kanifing, and Barham Jobe.
Speaking in an interview with the Daly Observer, Momodou Musa Joof, managing director designate of the Takaful Insurance Company, who has 12 years working experience in the insurance industry, said he came to know about Islamic insurance in Malaysia and decided to introduce it in The Gambia upon his return.
Ebou Waggeh, marketing consultant of Takaful Insurance Company, said the company is meant to cater for those who would like to use Sharia compliant insurance services. Mr Waggeh added that the company is the first of its kind in West Africa.
According to him, Takaful is based on the concept of solidarity, cooperation and mutual understanding.
Drawing a distinctive contrast between conventional insurance and Takaful, Mr Waggeh said the company is visible in terms of investment of funds, while conventional insurance companies invest their funds based on interest avenues.
However, Mr Waggeh was quick to add that Takaful is not a new concept, as far as the insurance commercial law is concerned.
"It has been in existence since the time of the Holy Prophet. Whenever calamity occured in those days, people contributed to give to the victims," he explained.
He described this as a principle based on reciprocity, compensation and joint responsibility.
Imam Baba Leigh, welcomed the company to the insurance landscape of The Gambia, stressing that its introduction is a step in the right direction.
"Islam is a religion of truth and this is a genuine case. But people need to be sensitised intensively about this Islamic insurance company," he observed.
The Kanifing East Imam then urged the management of Takaful to be steadfast in their work.
Oustass Abdoulie Drammeh expressed delight with the company, saying that Takaful has come to help Muslims to spend their wealth in accordance with the teachings of Islam.
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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant/Speaker/Motivator : www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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