First United Takaful launches Islamic insurance, hailed as boon for Tanzania's economy

Dar es Salaam. First United Takaful has received praise from the Tanzanian government for introducing Islamic insurance services, marking a significant step towards financial inclusion and economic development.

Dr. Saada Mkuya, Zanzibar's Minister of State for Finance, lauded the initiative as aligning with the national vision for the insurance sector and supporting the efforts of both presidents in boosting the economy. She emphasized the importance of Takaful in achieving 90% health insurance coverage and making insurance more accessible.

"We appreciate TIRA for allowing Islamic-based insurance services, crucial for both Muslim and non-Muslim customers," Dr. Saada said, commending the Tanzania Insurance Regulatory Authority for laying the groundwork.

First United Takaful becomes the second company in the country to offer Takaful, which operates on Islamic principles of mutual cooperation and shared risk. CEO Abdulnassir Ahmed Mohamed highlighted the challenges faced in accessing insurance that aligns with spiritual beliefs and expressed the company's commitment to bridging this gap.

"Takaful is not just a product, it represents a significant transformation in the insurance industry," said Dr. Kassim Hussein, Chairman of the Board. "We are committed to serving our diverse customers with honesty and understanding, ensuring insurance accessibility regardless of religious beliefs."

Dr. Hussein emphasized the company's dedication to professionalism, customer satisfaction, and ethical values. He acknowledged the challenges ahead but assured continued innovation and adaptability to meet them.

This launch marks a positive step towards financial inclusion and economic development in Tanzania.