Could you provide a brief journey of how you arrived where you are today?
I have been involved in the insurance sector for the last decade, in multiples roles such as in marketing, broking and systems development. It was during this period that my interest grew in customizing products for the Islamic finance industry.
Over the last five years, Takaful has developed globally and I had the urge to introduce it to East Africa as an alternative service.
What does your role involve?
My role involves — recruiting and establishing the Takaful team; setting up structures and executing the vision of the organization; capitalizing and coordinating with the shareholders; marketing of Takaful and spearheading awareness campaigns.
What is your greatest achievement to date?
My greatest achievement to date is overseeing the birth of Takaful. This has been a dream for me as it marks the beginning of a new era in Eastern and Central Africa.
Which of your products/services deliver the best results?
We ensure that our product range effectively meets the requirements of our customers’ changing needs. This is the advantage of Takaful.
What are the strengths of your business?
Our strengths are based on our committed focus on the participants, maintaining transparency and clarity of operations, our human resources and capacity development programs as well as the ability to provide various alternatives to our clients.
What are the factors contributing to the success of your company?
We provide quality service, innovative and competitive products, expanded channels and new frontiers of distribution, and Takaful concept development. All this contributes to the success of our company.
What are the obstacles faced in running your business today?
There are many obstacles, for instance the lack of qualified Takaful professionals and the absence of a legal framework for investment and Shariah compliant instruments.
Additionally, the insurance penetration in the country is quite low and hence there is correlating low appreciation for insurance products.
We also face cut-throat competition from insurance operators already in the market.
Where do you see the Islamic finance industry in, say, the next five years or so?
In the next five years, I see the Islamic finance industry as a mature and developed industry with an enviable turnover and growth.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see cooperation among players and better coordination of compliance and Shariah developments.