Uganda’s insurance market is set to widen following the introduction of Takaful insurance. According to the Insurance Regulatory Authority’s Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega, the Authority has made tremendous strides in promoting Takaful insurance and so far, the regulations are before the minister of Finance, planning and Economic Development Matia Kasaija for endorsement.
“We are confident that the introduction of Takaful Insurance and Retakaful business will widen and deepen the insurance market, especially among the untapped targeted audience”, said the IRA CEO while addressing the Muslim community in the insurance industry during an iftar dinner held at Hotel Africana.
Alhaj Kaddunabbi emphasized that the Authority is committed to support all efforts aimed at providing Takaful and retakaful insurance in this country.
It is at the same event that the Insurance Training College Chief Executive Officer Soul Sseremba said the College has embarked on a move to introduce Takaful insurance training as part of the College’s professional course offering, a development that has seen the College conduct several short-term trainings on Takaful Insurance across the country.
“By this time, the College’s second professional intake for Takaful is underway as part of the course units for the Diploma in Insurance. This is part of the ITC’s strategic plan to continuously develop capacity for the new trends and changing demands of the insurance industry profession”, Sseremba said.
Takaful Insurance is founded on a mutual co-operative principle where all contributors of the premiums are shareholders such that in case of risks against a given member, compensation is paid out from the pool such that the risk is spread and shared between members.