AlHuda Center of Islamic Banking & Economics (CIBE) is working dedicatedly for the promotion of Islamic banking, finance and Islamic microfinance by offering Trainings, Awareness Workshops, Product Development, Advisory, Consultancy. It has successfully developed financial systems and offered state-of-the-art trainings, workshops and distance learning programmes. AlHuda CIBE has organized numerous international conferences, forums and customized training workshops on Islamic Banking and Finance, Islamic Microfinance and Takaful in order to impart the knowledge to the masses and to promote the awareness of the stupendous industry.
Takaful Consultancy Wing – AlHuda CIBE
Takaful consultancy wing of AlHuda CIBE offers expert services of Consultancy, Advisory, Training, Capacity Building, Research and Shari’ah compliant product development for the Insurance Industry to ensure ready availability of Takaful (Islamic Insurance) products and services with prudent practices around the Globe.
Global View of Takaful Industry:
According to Global Islamic Economic Report 2016-17 total assets of Takaful and re-Takaful are USD 37.7 billion which is only 1.88% of total Islamic finance industry. Although Takaful contribution is very less but has great potential to grow as huge number of population is untapped yet. Not only Muslim population is the target market but non-Muslims as well as interest based activities are not permitted in other religions. Moreover interest free economy is more stable and effective than that of interest based. Premium wise Takāful industry is growing around at the rate of 19%. Major shares i.e. more than 62% contributed by the Middle Eastern economies. Among the Middle East countries Kingdom of Saudi Arabia is the major contributor in Takāful industry.
Takaful Industry in Nigeria:
According to KPMG and Financial Times, Africa has great potential for insurance/Takaful industry due to its growing middle class, young population and big infrastructure projects. Africa has only 7% of total Takaful industry. The total contribution of Takaful industry in Africa is USD 0.7 billion. As most of the African insurance/Takaful market is untapped because of trust and innovation. On the other hand it is an opportunity by earning trust and introducing innovative Takaful products. Africa overall and Nigeria, Kenya, Tanzania, Ivory Coast, Angola specially are struggling to be the active participant in insurance/Takaful industry. To develop Takaful industry it is important to educate people about the usage and benefits.
About African Takaful Forum Nigeria:
As one of the most developed countries in Africa, Nigeria has clear and strong economic potential. Takaful has the potential to become a strong segment of Nigeria’s life insurance sector. Takaful can be a platform for financial inclusion, however, not just for Muslims, but also for certain segments of the country’s Christian population. Takaful could also have a positive impact on insurance penetration overall. For this to happen, however, NAICOM believes more trust would have to be built in takaful, especially among Nigeria’s Muslim population.
Growth in the Takaful industry in general can be escalated if well planned and targeted awareness campaigns could be run within the country. AlHuda CIBE is committed to impart sound knowledge about Islamic banking and finance around the globe. For this, AlHuda CIBE is going to organize Two Days African Takaful (Islamic Insurance) Forum in Nigeria. It would surely play a pivot role in the capacity building, attracting investors and most importantly develop a robust financial system for a vibrant economy.