In an interview with the press on Monday, March 15, at its headquarters in Conakry, the Managing Director of SARR Assurance SA, Loïc Armel Kengne Wafo, spoke of and praised the new product called “TAKAFUL Insurance” from his company.
A communication that is part of a vast awareness campaign that will last ten days, the objective of which is to let the population know that it is necessary to ensure and in particular to make it understood that if religious conviction was a hindrance in the past, today there is an insurance which respects the requirements of Islam.
The entire interview tells us more! Read
New TAKAFUL ASSURANCE product on the Guinean market
It is an Islamic insurance solution, that is, insurance products, which conform to the requirements of Islam. We launched it about three to four months ago and it is seeing real market penetration. It can be said that the product has been successfully launched. These are insurance products today which do not contain “riba”, which do not contain gambling and there is no speculation. Unlike traditional insurance, with Islamic insurance, if you subscribe to the insurance and at the expiry date you have not had a claim, the insurer will make a calculation on what is there in the fund and returns the part of the money that remained in the fund to you. So, it is a mutual insurance solution in which we are only managers. The insurance premium remains the property of the participants.
Advantages of the new TAKAFUL ASSURANCE product
The first advantage of TAKAFUL, it allows to respect the Islamic requirements with the personal convictions of our customers. Today you have several clients in the market who shy away from the insurance industry simply because they say it is “Haram”. So, if we offer them something that corresponds to their religious convictions, when we have a product like this, people will feel more reassured. The second advantage is the cost, that is to say, it is cheaper insurance, with the possibility of being reimbursed with part of your premium. The third advantage is the speed in handling claims. This is to the extent that there is no cash flow problem. The fourth advantage is the possibility for policyholders to get a return on their investments. Here, the insurer plays the role of investors and the generous profits are returned. Anyone can subscribe to this insurance product, whether they are Muslim or of another religion, whether they are a company or an individual, or a trader, an executive.
The Islamic guarantee of the new TAKAFUL INSURANCE product
We have a Sharia committee, made up of independent personalities to ensure that Islam’s demands are respected on what we do. To date, we are in the process of deploying massively inside the country, with the objective of covering all the prefectures by June. A similar campaign will begin in greater Conakry. SARR-Assurance spares no effort to innovate, every day, we remain available to customers, we provide them with the best quality of service. We have about fifty points of sale in Conakry alone, we are present in 10 prefectures, there are offices at all the major crossroads in Conakry.
Interview by Saidou Barry
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