- Could you please share with us a brief overview of your professional journey and how you became involved with Islamic finance and Takaful?
After a master in management from the faculty of economics and management of Bamako, I joint ECS a Malian chartered accounting and auditing firm where I previously spent an 8 months internship during my university journey. After 3 years, I joined the group Hydro Mali-Kersi witch is a Malian major Oil and Gas trading and logistic company where I successively serve as spare parts warehouses managing and accounting agent, Chief Accountant, Director of Administration and Finances.
My Islamic finance journey began when I was selected to participate to the first MBA in Islamic Finance initiated by CESAG (the WAEMU Central Bank’s business school) in collaboration with Islamic development bank, INCEIF Malaysia and Paris Dauphine university. This program was provided by practicians experts and scholars from all these institutions and others. After this MBA program and exposure visit to Islamic financial institutions in Senegal and Malaysia, I decided to be dedicated to Islamic finance by providing courses at university, consultancy and accompaniment of actors… I finally resigned from my position of Financial and Administration Director of the Oil trading company in 2020 after 7 years of service.
One of my focused research and teaching area was Islamic insurance takaful, why I was selected to bring my knowledges and researches to the first takaful project of the country (Takaful Mali Assurance islamique SA.
- How does Takaful Mali Assurance Islamique differentiate itself from conventional insurance providers in Mali?
At first, the name ‘’Assurance islamique’’ (Islamic insurance) is one of the major points of difference. It is the first time majority of our insurance actors and population heard about an insurance model which will compliant with Islamic rules. This point so becomes our identity as the only company of the market which assume an Islamic identity. other major point is our transparency model of separate founds and its concept of surplus distribution to policyholders.
- What has been the response of the Malian population to Takaful and Islamic insurance models so far?
The first response was a pessimist attitude for this new model. Somes argued that this was just a used of Islam’s name to scam customers. But during these 4 years, with many communications program, the perception is changing
- What are the main challenges facing the development of Islamic insurance in Mali?
The lack of insurance culture and the perception that insurance is not compliant with Islam
The global ignorance of Islamic finance and shariah compliant financial services
- How do you see regulatory frameworks in Mali and WAEMU (West African Economic and Monetary Union) supporting or hindering the growth of Takaful?
Regulatory frameworks in CIMA insurance regulatory area (WAEMU and CAEMC Central African Economic and Monetary Community) is mostly supporting and promoting the growth of takaful models as regulator allowed some actors to begin takaful activities without licenses and granted them a large moment to adjust their activities to the regulation
- In your opinion, what role can Takaful play in promoting financial inclusion in Mali and across Africa?
A majority of population who is rejecting conventional insurance system due to religious concerns can be include to the financial system through shariah compliant and innovative insurance products and their inclusion could after extend to other accessory financial products.
- What advice would you give to policymakers, regulators, and financial institutions who want to support Islamic finance and Takaful in Africa?
Africa is a continent of many opportunities. It needs policymakers and regulators to understand the particularities of its challenges and adapted their policies, not to just try to apply the same policies from others. Institutions need to innovate and challenge the African markets
- What message would you like to share with the global Islamic finance and Takaful community through AlHuda Today?
Let’s maintain the cap of massive sensibilization, training and engineering in Islamic finance, the true Islamic finance with original rules.