When Takaful Insurance Company of The Gambia started operations in 2008, its business plan projected it would be making profits in five years time.
However, at the close of the financial year in 2009, the company was already in profit, said MD, Momodou Joof [right]. Last month, the company made a new investment, a new office complex in the city of Serrekunda as it seeks to expand its coverage across the country.
Joof told The Islamic Globe: "This is a clear indication that Takaful is a sustainable business in this country. Our annual growth rate has been 85%."
The company is helped by the fact that 90% of the population of The Gambia is Muslim.
Since its establishment, the Takaful firm has shared profits with its clients twice. The most recent was sharing of $86,660 in mid-June this year. It is the only Takaful company operating in The Gambia.
The Central Bank of The Gambia is among the first in West Africa to amend its financial laws to allow Islamic finance.
© The Islamic Globe 2011
