At the ceremony, Momodou M. Joof, Managing Director and Chief Executive Officer (CEO) of West Africa Takaful, said Takaful simply means people coming together for mutual benefit.
According to him, while pursuing his Master’s degree programme in Malaysia, he went on attachment in one of the Takaful companies (Takaful Malaysia) to study how the company claims to be Sharia compliant, which he said, is a law that favors humanity more than anything.
“I realised after this attachment this was not so much to do with any religion, but more to do with ethics and fairness in business.”
The West Africa Takaful Company, he added, is for all and that clients that are insured with the company get paid if they suffer losses.
“Also, risk and profit is shared among participants. West Africa Takaful is coming to feature out more of the beauties of Islam, the principles and practice of Islamic finance is what we uphold. We make sure that we do not use the name Islamic insurance when we are not operating according to Sharia.”
He disclosed that they have approval to open another branch in Brikama, which they are currently working on, saying they want to expand their services across the country before venturing out to neighboring countries.