TAKAFUL ENJOYS INT’L RECOGNITION FOR OUTSTANDING PERFORMANCE

Company's MD Airlifted to Global Conference on World Peace

Mr Momodou Joof, Managing Director of Takaful Gambia Ltd

Momodou M. Joof, Managing Director of Takaful Gambia Limited, has left The Gambia for Malaysia to attend a three-day international conference aimed at providing a platform for stakeholders from across the globe to converge and help chart a roadmap towards galvanizing the voice of the moderates to “ensure a just and durable world peace”.

To be held on 17 through 19 January 2012 in the Malaysian city of Kuala Lumpur, the International Conference on Global Movement of Moderates is organised by the International Islamic University of Malaysia Alumni Association (IIUMAA) in conjunction with the International Islamic University of Malaysia on the theme: "In Pursuit of an Enduring and Just Peace".

The conference is said to have received strong encouragement and support from the Government of Malaysia, and His Excellency Prime Minister Dato' Sri Mohd Najib Tun Razak has kindly agreed to be the patron and to deliver the opening keynote address. Internationally renowned high calibre of people like US secretary of state Hilary Clinton and the president of the Islamic Development Bank will be delivering presentations at the forum.

“This is going to support us in holding high our flag - The Gambia flag - because whenever you talk about Islamic insurance and Islamic finances now we are proud that The Gambia is fully represented; we are never left behind,” said the Takaful MD, whose participation at the forum is facilitated by the organisers.

“But this all would not have been if we are not given the necessary support by the government,” he added, while showering words of praises on the Gambia government and President Jammeh in particular for “providing the necessary environment conducive for establishing Takaful Insurance in the country, which is the first Islamic insurance in Africa apart from Sudan”.  

Global Movement of Moderates is said to be a loose confederation of like-minded individuals, organisations, state actors, non-state actors and intelligentsia committed to promoting an enduring and just peace by beseeching the need for critical engagement that corresponds to the universal principles of justice, excellence and equilibrium.

Takaful Gambia Limited, the sole insurance company in The Gambia operating on the principles of Islam, is providing cutting-edge services in Islamic insurance that is reckoned with, both within and outside the continent. This is manifested by the fact the company has been invited on various occasions to attend various high-power international conferences on Islamic insurance and finances. 

Again, many countries and institutions in the continent undertake study tour to the company to learn best practices of Islamic insurance.  Recently, according to MD Joof, the company has just released an insurance practitioner from Nigeria who was on a fifteen-day attachment at the company learning the models of Islamic insurance.

Mr Joof, himself, has served as resource person in many international forums including those organised by the West Africa Institute for Finance and Economic Management (WAIFEM).

“We thank the almighty Allah for actually giving us the wisdom to initiate and continue to promote Islamic insurance in the region,” Mr Joof said.

He however called on Gambians and businesses in the country to support the company.  “Since we continue getting this recognition internationally; we continue to plead with The Gambia and the businesses in the country to see the potentials that we have and give us the necessary support so that Takaful can stand on a very sound footing to cater for everybody and also to better shoulder its corporate social responsibilities,” Mr Joof said. 

More profits to share

The concept of caring and profit-sharing introduced in the business of insurance in The Gambia by Takaful Gambia Limited has continued to produce more financial rewards for its clients than expected. Since its establishment about three years ago the company has continued to post substantial profits each year which are appropriately shared to its policyholders as promised.

 “We have now manifested to Gambians that we are here to stay and we have delivered on our promise over the years,” Mr. Joof has said.

“For two consecutive years we have distributed profits and this year we still thank the almighty Allah and we are going to pay much higher than we have previously done,” he added. 

In 2009 the company distributed well over D2 million to its policyholders and apart from that it also distributed ‘Zakat’, alms, to the needy as part of its corporate social responsibility.  In 2010, the company distributed over D2.5 million. 

Since inception, Takaful has promised people of The Gambia that its concept of Islamic insurance “is a very fair” one whereby returns or profits generated by the company belong to those who provided the capital - the insured, Mr Joof said. 

Takaful's operation or system of insurance is said to be in accordance with the Shariah requirements and that customers are entitled to earn profits under the company's Profit Sharing Agreement, which forms part of the Takaful Insurance Contract.  The concept of Takaful, a word in Arabic meaning cooperation, solidarity and mutual help, is to promote and advocate fairness in the business of insurance through joint guarantee.

The contract of Takaful as a business venture is therefore based on the Islamic profit-sharing of al-Mudarabah.

In this regard, clients of Takaful Gambia Limited are entitled to earn returns on the contribution (Premium) paid in consideration for their participation in Takaful products provided by the company, subject to the declaration of profit.