AlHuda CIBE and Tawhid Bank signed an agreement to set up first Shariah Based Insurance (Takaful) company in Tajikistan
(February 07, 2022 (Dubai)): AlHuda CIBE UAE and Tawhid Bank Tajikistan signed an agreement to set-up the first Takaful Company in Tajikistan. It is the first Shariah legitimate solution to Tajikistan’s insurance industry. The MoU signing ceremony was held Dubai – UAE.
On this occasion Mr. Muhammad Zubair Mughal CEO of AlHuda CIBE said the entrance of Takaful concept to Tajikistan insurance industry will play a vital role for financial inclusion and also it will fulfill the gap of the missing components of Islamic finance industry. He also highlighted the fact that Tajikistan Islamic finance industry has only one fully fledged Islamic Bank. A couple of banks and Microfinance institutions have Islamic finance window operations but none of the Takaful Company exists. He also added that setting up a Takaful company will not only give a boost to Islamic finance industry but it will also provide a solution for those individuals who do not use insurance because of religious perspectives.
The CEO of Tawhid Bank Mr. Zardov Sher Ali said that Takaful Company is a new addition to Tajikistan Islamic finance industry and it will play a very important role for enhancing the growth and development of Islamic Insurance industry. Tajikistan is a small landlocked country in the heart of Central Asia. It has around 96.7% Muslim population. To meet the financial needs in line of religious boundaries after Tawhid bank, setting-up Takaful Company is another solution to support Islamic finance industry growth in Tajikistan.
About AlHuda CIBE:
AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.
We are dedicated to serving the community as a unique institution, advisory and capacity building for the last seventeen years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Finance industry. For further Details please visit: www.alhudacibe.com
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