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.

He also added that, we will pool our expertise and resources to achieve the optimum goal of promotion of Takaful and Re-Takaful industry in East African countries. Mr. Zubair Mughal, Chief Executive Officer, AlHuda CIBE, stated that more than 400 Takaful companies and 35 plus Re-Takaful companies are working globally. Takaful industry will help to manage the risk under ultimate Shariah rulings and important for the promotion of Islamic finance industry overall. Islamic finance industry is in need to avail Shariah compliant risk management techniques which is only possible under Takaful concept. This will strengthen the Islamic finance industry overall.

Mr. Fikru Tsegaye, CEO of Ethiopian Reinsurance said that they are dedicated to develop Re-Takaful market in the region for the development of Takaful industry. This initiative will also strengthen the local Takaful industry in Ethiopia. Furthermore, other regional markets would also be benefited by the initiative taken by the Ethiopian Reinsurance, he added.

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 twelve 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 Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

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