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Awqaf South Africa and AlHuda-CIBE sign an MOU at Johannesburg
AWQAF SA and Pakistan based Al Huda Centre of Islamic Banking and Economics (Al Huda CIBE) formally entered into a Memorandum Of Understanding (MOU) at Gallagher Estate, Sandton , Johannesburg, at the closure of the International Conference on Islamic Banking and Finance in Africa organized by AlHuda CIBE.....
 
Mr. Zuair Mughal, CEO Alhuda CIBE & Mr. Zeniel Kajee CEO Awqaf South Africa at MOU signing Ceremony
 
 
 
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Islamic Insurance to Grow 30% This Year, Ernst & Young Says
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Global contributions to the Islamic insurance industry, known as Takaful, may rise 30 percent to $8.9 billion worldwide this year, Ernst & Young LLP said in a report published today.
Gulf States will account for $6.47 billion, or 73 percent, of the world’s contributions this year, the report said. Assets held by Islamic financial institutions may rise five-fold to more than $5 trillion as demand increases for products that comply with Muslim principles, according to Moody’s Investors Service.
Takaful is a Sharia-compliant alternative to conventional insurance, where uncertainty and interest aren’t allowed.
Islamic insurance firms need to consolidate to boost capital and the quality of services offered by Takaful companies needs to improve in order for the industry to reach the next level, Justin Balcombe, director of Middle East Insurance at Ernst & Young said at a conference in Dubai today.

 
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