Somalia: First insurance company opens in Puntland

GAROWE, Somalia, April 27, 2015 (Garowe Online)-Takaful Insurance Company has on Monday opened its doors in Somalia’s northeastern state of Puntland for the first time in over two decades, ushering in what analysts believe is a boost for the country’s fledgling insurance industry, Garowe Online reports.

Puntland Commerce Minister Mohamed Hassan So’adde along with Information and Environment Ministers has presided over a ceremony held for the launch of Sharia compliant insurance at Puntland State University (PSU) campus in the capital, Garowe.

Takaful General Manager, Hassan Bashir said in his opening remarks at the launching event that they have been seeking Sharia-based insurance for the last ten years in the Horn and central Africa: “But the dream is prevailing in Puntland today”.

Meanwhile, Takaful Somalia head Omar Haji Hussein revealed that they would provide indemnity against a lot of losses facing business community.

“This company is meant for addressing the problems facing different walks of life. We comply with whatever Sharia makes lawful, we are open, we are Somalis and we aim to become leading Sharia-compliant insurance company,” Hussein told a crowd that included prominent clerics and government officials over the course of the ceremony.

In support of purity and certainty, prominent cleric Sheikh Mohamud Haji Yusuf praised the opening of Takaful in Puntland.

“The service [Insurance] has been vague; it signifies civilization, governance, peace. Whenever you hear of Insurance, you will get to know the lives of the people,” stated Puntland Information Minister Abdiweli Hirsi Abdulle Indho-Guran while speaking about the positive impact of Sharia-compliant insurance.

Opened in Mogadishu in December 2014 at first, Takaful insures cars, buildings and other essential properties for risks. 

GAROWE ONLINE