Majed Akel, General Manager of General Takaful Co. spoke about the reasons why most financial institutions and banks are opening Takaful subsidiaries. Akel also spoke the future of his company’s business in the Kingdom of Saudi Arabia, Jordan and Lebanon. Then he shed some light on the future prospects of his company.
Akel spoke about the reasons why most companies are opening Takaful subsidiaries, as there are more than 140 companies because it is one of the safest fincail institutions currently, in wake of the crisis. Akel added that "the principal of Islamic insurance is that customers pay contribution and not premiums, they are partners and they get part of the profit at the end of the year. However, in case of losses the shareholders handles that part and shield the customers. It is solidarity among people based on Islamic Shariaa. As we have to deal with Moudaraba and Mourabaha. The Takaful industry is still growing in Qatar and it is still in its early stage of growth. General Takaful has been around one year in Qatar but I can assure you that our company will grow very fast. As General Takaful, we are planning to become one of the leaders in the Takaful market in Qatar, especially that we have strength of character with Qatar General Insurance and Reinsurance Co... Our customers come from a wide variety of backgrounds, they liked the concept of Takaful and trusted our company especially our provided services, so they became our partners. We also follow a very stringent rule on paying claims; if our customers are entitled we have to pay them, which eases customers’ burdens and provide them with peace of mind."
Concerning the future of his company’s business in the Kingdom of Saudi Arabia, Jordan and Lebanon, Akel said "the Takafl business has a big portion in the Saudi market. However, we are focusing on our local market before thinking of expanding in the Saudi market. However, we are thinking of opening up new branches in Qatar by next year." "Because of the financial crisis, it is now the right time for the Takaful industry to step up and play its role, as its reputation has not been tarnished at all.
