Speaking during the launch of the product, Dr Abubakar Zuberi, Mufti of Tanzania congratulated CRDB Bank for spearheading the move in recognizing the increased demands for such services for the community.
“I congratulate you for this innovation. Sharia is important for Islamic believers, although there are non-Muslim who also prefer sharia compliant basis. Through Takaful, I believe you will cater for the demands for many people and I call for Muslims and other people wishing to protect their properties and life to use Takaful insurance services,” he said.
The Tanzania Insurance Regulatory Authority (TIRA) Commissioner General Dr Baghayo Saqware said innovation to solve the problems facing Tanzanians through insurance services is needed to promote inclusive insurance as well as enable them to assure the implementation of their programmes and projects.
“Takaful is the service that invites Muslim who are not satisfied with conventional insurance services which have interests. It is not only an insurance service, but also an investment that benefits an individual customer and a company offering such services. With the use of your wide branch network, I believe that CRDB will reach more people across the country,” said Dr Saqware.
Four years ago, CRDB Bank launched the sharia compliant banking services “Al Barakah” making it the first to roll out the service countrywide, which has attracted 135,000 clients with 125bln/-financing to Micro, Small and Medium Entreprises(MSMEs)
The bank’s chief commercial officer Boma Raballa said CRDB Bank has always improving its products and services and last year it established special product for those who wish to attend Hijja.
“In this continuation of improving our services, CRDB bank in collaboration with Zanzibar Insurance Corporation (ZIC -Takaful), we are today launching this insurance service. This is also making our bank as the first in Tanzania to offer such service,” he said.
Explaining on the difference between sharia compliant and conventional insurance services, Raballa said Takaful has no interest rate and is formed through the basis of collaboration (taawun), when someone of facing any uncertainty facing investment and the benefit is distributed to members using the basis set out by a company offering Takaful.
“Through this collaboration, we are going to offer general insurance services including fire, property, transport, vehicle and machinery. I would like to invite Tanzanians to grab opportunities found in this insurance service. Takaful is for anybody who prefer sharia compliant financial services,” he said.
On his part, Said Abdallah, chief executive officer, ZIC Takaful said he was happy with the collaboration with CRDB Bank because will help to reach more people across Tanzania.
“I believe that this collaboration will enable Takaful services to reach out to more people. We will continue to collaborate with other stakeholders who are willing to roll out this service to more Tanzanians. Insurance is the only option for protecting properties, business and health,” he said.