The event, held at NAWEC headquarters in Kanifing, was the first of its kind since the two institutions formed partnership.
In his welcoming remarks, the deputy managing director of NAWEC, Edrisa B. Jarju, thanked Takaful Gambia for the cheque, saying it was an insurance relationship based on Islamic law (Sharia) on profit sharing.
He described NAWEC as a client of Takaful Gambia and is entitled to earn returns in consideration for its participation in Takaful products. He revealed that NAWEC has about three power plants installed with Takaful.
According to Mr. Jarju, NAWEC risks are covered and profits are shared as the relationship is continuously growing much stronger.
Takaful Gambia’s Chief Executive Officer Fatou Jallow, for her part stated that NAWEC and Takaful have come a long way from 2015.
She noted that it has been a good, mutual beneficial partnership between the two organisations where NAWEC risks are covered. She outlined the two forms of benefits, saying it’s either by way of a claim or profit sharing.
She added that if in the end there is no claim, participants are entitled to a profit that they made, while indicating that Takaful Gambia is honoured to have fulfilled its promise. “And that it is part of Takaful’s obligation to share profits to the participants as deemed fit.”
She stated that after a full circle, every participant who does not have claims, is entitled to a profit share.
She recalled that there were years in which Takaful did not pay profit as there were claims which were equally paid on time.
Imam Sherif Manjang of Takaful Gambia, stated that every year they give out hundreds of thousands of dalasis to the poor as “zakat”, while urging all participants insured with Takaful to give out “zakat” from it, as it is one of the five pillars of Islam.
Seedy Omar Bensouda, one of the directors of Takaful Gambia Board, said the event demonstrated the uniqueness of Takaful in the industry.
Modou Dampha, NAWEC’s senior administrative and human resource manager, acknowledged that Takaful Gambia has always been there for them and has been a reliable partner.
He added that Takaful Gambia’s presence in the market has revolutionised the insurance industry which has enhanced their confidence in the insurance industry.
He said NAWEC has built so much confidence in Takaful Gambia over the years, while applauding Takaful Gambia for the gesture.
