Extending its reach in the
Islamic financial services market, South African bank Absa’s
wholly-owned insurance unit Absa Insurance Company (AIC) is to
acquire the insurance book of the country’s only independent
Sharia-law compliant insurer Takafol South Africa (Takafol
SA).
Takafol SA, to be renamed
Absa Takaful, will be positioned alongside Absa Islamic Banking. UK
bank Barclays Bank has a 55.52% stake in Absa.
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The deal cements an already
close relationship between Absa and Takafol SA which was
established in 2003. AIC has underwritten Takafol SA’s business
since 2008.
“By integrating into the Absa
group, Takafol SA will be well positioned to expand Absa’s Takaful
offering into the African continent,” said Takaful SA’s CEO Uwaiz
Jassat.
In 2009, research organisation Pew Research Centre
estimated South Africa’s Muslim population at 731,000 and that of
the Sub-Saharan region’s as a whole at 240.6m.
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