AlHuda CIBE and Ethiopian Reinsurance to Develop Takaful, Re-Takaful Industry in East Africa and Ethiopia

Zubair Mughal, Chief Executive Officer (CEO) of AlHuda Center of Islamic Banking and Economics (AlHuda CIBE) and Fikru Tsegaye, CEO of Ethiopian Reinsurance (Ethiopian Re) have signed a Memorandum of Understanding (MoU) on the 10th of February 2021 to promote the Takaful and Re-Takaful industry in the East African and Ethiopian market.

Why it matters?

Takaful is gaining global recognition and is not only restricted to specific countries, but also being implemented in Africa, Asia, Europe and America due to its built-in features of sustainability and preference as an alternative financial solution. According to Mughal, various non-Muslim-predominant countries provide Islamic finance services to customers.

As such, the MoU will enable both Al...