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Islamic Finance Briefing - Categorized | Insurance (Takaful), Market Moves more

Takaful market set to grow in S. Africa and beyond

Posted on 19 September 2011

Jacob ZumaAnother sign that the mainstream banks in South Africa are taking Islamic finance as a serious niche market business is the acquisition last week of the local Islamic insurance company, Takafol SA, by Absa, one of the republic’s largest banking groups.
In a deal which could have implications for the reach of Takaful (Islamic insurance) beyond the borders of South Africa to southern, central, West and East Africa, Absa Insurance Company Limited (AIC), a wholly-owned subsidiary of Absa Financial Services Limited (AFS), bought the book of business of Takafol South Africa (Pty) Limited (Takafol SA), which is a subsidiary of the Hannover Reinsurance Group, a major global reinsurer, and which was established in 2003……………………………………….Full Article: Source

 
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