AlHuda CIBE and Tawhid Bank to set up Takaful Company in Tajikistan

AlHuda CIBE and Tawhid Financial institution to arrange Takaful Firm in Tajikistan

By Leandra Monteiro

AlHuda CIBE UAE and Tawhid Financial institution Tajikistan signed an settlement to set-up the primary Takaful Firm in Tajikistan. It’s the first Shariah authentic resolution to Tajikistan’s insurance coverage business. The MoU signing ceremony was held Dubai – UAE.

On this event, Muhammad Zubair Mughal CEO of AlHuda CIBE mentioned the doorway of Takaful idea to Tajikistan insurance coverage business will play a significant function for monetary inclusion and in addition it’ll fulfill the hole of the lacking parts of Islamic finance business. He additionally highlighted the truth that Tajikistan Islamic finance business has just one totally fledged Islamic Financial institution. A few banks and Microfinance establishments have Islamic finance window operations however not one of the Takaful Firm exists. He additionally added that establishing a Takaful firm is not going to solely reinforce Islamic finance business however it’ll additionally present an answer for these people who don’t use insurance coverage due to spiritual views.

The CEO of Tawhid Financial institution, Zardov Sher Ali mentioned that Takaful Firm is a brand new addition to Tajikistan Islamic finance business and it’ll play an important function for enhancing the expansion and improvement of Islamic Insurance coverage business. Tajikistan is a small landlocked nation within the coronary heart of Central Asia. It has round 96.7% Muslim inhabitants. To satisfy the monetary wants in line of spiritual boundaries after Tawhid financial institution, setting-up Takaful Firm is one other resolution to assist Islamic finance business development in Tajikistan.