The Takaful Gambia Limited (Islamic Insurance) last Thursday
distributed 50 bags of sugar, omo, soap, insect spray and towels to Gambia
Organization for Visually Impaired (GOVI) and RVTH as part of their Ramadan
distribution programme.
According to Takaful officials, Takaful Gambia Limited (TGL)
is the only Islamic insurance company in Gambia
and West Africa
so far. They offer Banca Takaful, fire & general Accident - travel,
personal and motor accident.Takaful
Gambia Ltd is also the first insurance company in the Gambia
to pioneer the process of profit sharing at the end of the term. The system of
Islamic insurance is based on the concept of Takaful which means joint
guarantee, the contract Takaful as business venture is based on the Islamic
profit sharing of Al-Mudarabah.
Speaking at the presentation ceremony Mr. Momodou M. Joof,
Managing Director of Takaful asserted that the clients of TGL shall be entitled
to earn returns on the contribution (premium) paid in consideration for their
participation in Takaful products provided by TGL subject to the declaration of
profit by TGL; "All operational matters are overseen by a Shariah advisory
council".
Also speaking at the occasion Imam Sheriff Badjan, Deputy
Imam Ratib of Banjul
who also double as the 1stvice president of the
Supreme Islamic Council has affirmed that Takaful Insurance is operating
directly with rules and regulations of shariah. He said that the shariah
advisory council composed of highly respected and learned local Islamic
scholars and members is open to all including non-Muslims.
The name Takaful
Insurance is familiar and is represented in the insurance industry on quality
service in the modern insurance. Their coming added a new chapter in The Gambia
insurance industry with concept of Takaful means joint guarantee policy
insurance and is spreading like wild fire in The Gambia most especially motor
insurance.