AlHuda CIBE inked MoU with Ethiopian Reinsurance

11th February, 2021 (Dubai) - Takaful, the globally emerging phenomenon is not only restricted to the specific countries rather it has captivated its roots in African, Asian and European countries and in America as well. The built-in features of sustainability and best alternative financial solution make this phenomenon prominent and attracts the attention of professionals and researchers.

Keeping in view the importance, AlHuda CIBE and Ethiopia Reinsurance have entered into a Memorandum of Understanding (MOU) yesterday in the headquarters of Ethiopian Reinsurance, Addis Ababa, Ethiopia, signed by Mr. M. Zubair Mughal, CEO of AlHuda CIBE and Mr. Fikru Tsegaye, CEO of Ethiopian Reinsurance. The purpose of the MoU is to promote Takaful and Re-Takaful industry in East African and Ethiopian insurance market.

Mr. M. Zubair Mughal said that Islamic finance is not only the interest of Muslim population rather non-Muslims are taking keen interest to learn and implement it. There are various non-Muslim countries where Islamic Finance is providing their customers state-of-the-art services above all religious differences. He added that according to this MoU, both organizations will work together to strengthen the Takaful and Re-Takaful industry in the region. Moreover, the annual conference will also be held under the MoU to promote Takaful industry. AlHuda CIBE will offer its technical and Shariah advisory, trainings and other services to the Takaful industry. AlHuda CIBE and Ethiopian Reinsurance will work together to promote the captive Takaful industry.