The first Sharia-compliant insurance company in Kenya has been formed as the race for Islamic cash intensifies.
The firm, which will operate as Gulf Takaful Company Ltd, is being fronted by GulfCap Investments — the principal shareholder in Gulf African Bank.
Under the model, people seeking insurance cover will pay premiums to a collective fund from which payments will be made to members who suffer from the risks covered.
“People will find it a prudent model. Normally, when one insures their house or car, they don’t get their money back. We are offering a possibility to the insured to get back some of their money,” said Mr Suleiman Shahbal, the chairman of GulfCap Investments.
The bank’s chief executive, Mr Najmul Hassan, said introduction of the insurance company is a significant step towards offering and exploiting Islamic financial services.
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