The National Insurance Commission, (NIC) may soon introduce Islamic based insurance known as Takaful insurance.
According to the NIC, Takaful insurance is expected to play a key role in building Ghana’s insurance industry, supporting a government bid to diversify the market and boost premiums.
Takaful is a type of Islamic insurance, where members contribute money into a pooling system in order to guarantee each other against loss or damage.
This type of insurance is based on Sharia, Islamic religious law.
The Commissioner of Insurance, Lydia Lariba Bawa said a consultant will be engaged soon to advise the commission on the implementation of Takaful insurance.
“The principles of insurance are almost the same but with Takaful, there is a slight religious slant, so we have engaged an expert to advice us on the nature of that insurance so that we can introduce it in Ghana,” she said.
Lydia Lariba Bawa was also optimistic the move will contribute to the Commission’s effort to increase insurance penetration in country,
“In places where the Muslim population is higher like say the Gambia and Nigeria, Takaful insurance is gaining grounds. There is a Muslim community in Ghana that we can tap into by introducing the Takaful insurance. This is certainly another way to increase insurance penetration in the country,” she observed.
By: Norvan Acquah-Hayford
