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October 18, 2011updated 13 Apr 2017 8:47am

Absa growth in African takaful market

Extending its reach in the Islamic financial services market, South African bank Absas wholly-owned insurance unit Absa Insurance Company (AIC) is to acquire the insurance book of the countrys only independent Sharia-law compliant insurer Takafol South Africa (Takafol SA)

By LII editorial

Extending its reach in the Islamic financial services market, South African bank Absa’s wholly-owned insurance unit Absa Insurance Company (AIC) is to acquire the insurance book of the country’s only independent Sharia-law compliant insurer Takafol South Africa (Takafol SA).

Takafol SA, to be renamed Absa Takaful, will be positioned alongside Absa Islamic Banking. UK bank Barclays Bank has a 55.52% stake in Absa.

The deal cements an already close relationship between Absa and Takafol SA which was established in 2003. AIC has underwritten Takafol SA’s business since 2008.

“By integrating into the Absa group, Takafol SA will be well positioned to expand Absa’s Takaful offering into the African continent,” said Takaful SA’s CEO Uwaiz Jassat.

In 2009, research organisation Pew Research Centre estimated South Africa’s Muslim population at 731,000 and that of the Sub-Saharan region’s as a whole at 240.6m.

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