Tanzania: Plans Underway to Introduce Islamic Insurance Services

Posted by on Jul 17th, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Sources in the Ministry of Finance and Economic Affairs and the Tanzania Insurance Regulatory Authority (TIRA) confirmed that relevant authorities were working on the possibility of introducing Islamic insurance. It is still on preliminary stages but the process is reportedly going on well. Introduction of Takaful will be another milestone in development of the country's financial industry following its liberalisation over 20 years ago, through the Banking and Financial Institutions Act of 1992. The insurance industry is regulated by the Insurance Act, 2009. The latest TIRA market report shows that Tanzania insurance industry grew by 20.0 per cent to 344.7bn/- in 2011, from 287bn/- in 2010.


Leave a Reply

Photo Gallery