Dec 14 2011
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CIC sees business sense in Takaful
CIC's GM, Kenneth Kimani, citied TIA's strong progress and the fact that Takaful in Kenya offers better opportunities for growth than conventional insurance.
CIC owns 20% of TIA which saw more than $1m of premiums collected in the first four months of operations. The firm, formed earlier this year, currently has a monopoly on underwriting Shari'ah compliant general insurance business in Kenya.
CIC is owned by over 1,500 co-operative societies and over 2,500 individual co-operators with the Co-operative Bank of Kenya holding a 21% stake.
CIC purchased its stake in TIA for $1.1m.
© The Islamic Globe 2011
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