Unlocking the doors to success in Sudan

Unlocking the doors to success in Sudan

Sudan’s Takaful industry is endeavouring to overcome the country’s economic and political challenges by responding innovatively to the community’s needs, while preserving the ethical values of takaful. By Osama Noor Takaful in Sudan continues to be the most genuine and acceptable Islamic insurance experience which is consistent with Shariah principles, said Mr Salah Eldeen Musa Mohamed, Managing Director of Shiekan Insurance and Reinsurance Co. “Total contributions have shown double-digit growth in the past three years and surpluses have been rewarding as well. This shows that takaful is a successful business model without jeopardising the ethical values of solidarity and cooperation.” In 2012, gross contributions grew by around 40% to about SDG1.3 billion (US$229 million) from SDG900 million in the preceding year. General lines account for about 96% of the market, with motor leading at around 40%. Operators have been actively tapping into new segments and innovating products, thereby helping to expand the market. However, inflation and the devaluation of the Sudanese pound have amplified the size of premiums in the past couple of years, said Mr Mohamed Abdin Babiker, General Manager of United Insurance Co (UIC). “The prices of various properties have been re-evaluated and rates have been adjusted to reflect the increase. This is especially for properties which have foreign materials because the pound has dropped against hard currencies.”

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