PHONE:
- info@takaafulafrica.com
- New Omar Hashi Building Hargiesa, Somaliland
The term Takaful originates from the Arabic word ‘’Kafalah’’ which means ‘’to help one another’’ or ‘’mutual guarantee’’. Thus the word Takaful refers technically to shared responsibility, shared guarantee, collective assurance, and mutual undertakings by a group. Takaful bears many similarities to cooperative or mutual insurance but differs in the model of operation and the rules governing investments and profit sharing. Takaful embraces the concepts of mutual protection.
Takaful as globally acknowledged refers to a concept of Insurance that is based on the Principles of togetherness, cooperation, and Mutual Solidarity. Unlike Conventional Insurance, Takaful is based and Operated on the tenets of Shariah and avoids prohibited and Haram activities involving Riba (Interest), Maisir (Gambling), and Gharar (Uncertainty).
The Operational Framework can be simply explained as a system where each member contributes a given premium to a General Takaful fund managed by the Takaful operator by the Shariah Principles. Through the Concept of Tabarru’ (donation), The Members allow the Takaful Operator (Takaful Insurance of Africa-Somaliland) to pay any Losses suffered by the Participants contributing to the pool. Any surplus left from the contribution after Payment of Claims and Other expenses is distributed among the participants. This is referred to as “Surplus Refund” in Takaful.
Takaful Insurance of Africa (Somaliland) is a member of Omer Hashi Group of Companies and has since 2010 expanded to the Horn of Africa. Takaful is a pioneering dynamic insurance company introducing a new and exciting ethical perspective to the Insurance market in the Horn of Africa region. The rationale behind Takaful lies in the need to provide risk management and financial security services that are founded on ethical principles and values.
Ceo & Founder
To be the number one provider of innovative Takaful Products and Services
To provide the most ethical and dynamic insurance services that offer enduring value to our members through quality risk management and exceptional claims settlement.
