Ajmal Bhatty, chief executive of Tokio Marine Middle East, a “takaful” (Islamic insurance) provider based in Dubai, reportedly has stated that the recent political turmoil in Egypt will create a greater need for financial protection in the country and will hence provide Tokio Marine an opportunity to further extend its takaful services to the Egyptian market.
As a complement to existing microfinance programs operated by other entities, Tokio Marine is looking into starting micro-takaful schemes in the region. The scheme would work in conjunction with microcredit where a portion of the credit extended would go towards insurance cover for death, disability, accident, and losses to crops and livestock. In addition to providing microinsurance in India as a joint venture with an unnamed Japanese fertilizer company, Tokio Marine has launched two tafakul companies in Egypt since January 2010. At least eight other tafakul companies are now serving the country.
In 2010, Tokio Marine estimated that the annual premiums generated from its two tafakul companies in Egypt for the fiscal year ending June 2011 would be USD 3.5 million. Over the next ten years, those premiums are budgeted to grow to USD 136 million [1].
By Medha Ravi, Research Associate
About Tokio Marine Middle East Limited:
Established in 2007 in the United Arab Emirates, Tokio Marine Middle East Limited is an Islamic insurance– or takaful -provider that is a subsidiary of the Japanese Tokio Marine Holdings Group. The company also provides reinsurance services to other retail insurers.
Source and Resources:
[1] Daily Star news article, February 15, 2011, “Islamic insurance firm sees opportunity after Egypt crisis”, http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=3&article_id=124890#axzz1Epxm0mgS
MicroCapital.org story, April 6, 2010, “MICROCAPITAL BRIEF: Microfinance Institution Farz Foundation and Insurance Provider Pak-Qatar Family Takaful Limited (PQFTL) to Provide Shari’ah-Compliant Insurance Facilities in Lahore”, https://www.microcapital.org/microcapital-brief-microfinance-institution-farz-foundation-and-insurance-provider-pak-qatar-family-takaful-limited-pqftl-to-provide-shari%E2%80%99ah-compliant-insurance-facilities-in-lahore/
MicroCapital.org story, February 8, 2011, “MICROCAPITAL BRIEF: Liberty Mutual Offers Low-Cost Health Insurance in Colombia, Includes Payment Through Gas Company”, https://www.microcapital.org/microcapital-brief-liberty-mutual-offers-low-cost-health-insurance-in-colombia-includes-payment-through-gas-company-2/
MicroCapital’s Microfinance Universe Profile: Tokio Marine Middle East Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tokio+Marine+Middle+East+Limited
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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