IFTI issues 4 recommendations on takaful insurance industry at Cairo meeting

The 9th General Conference for International Federation of Takaful & Islamic Insurance Companies (IFTI) has issued on Thursday four recommendations to support and revive the insurance industry.

Takaful insurance and reinsurance firms should put into consideration the four recommendations while practicing insurance activities in all markets.

Omar Gouda, Managing Director at African Retakaful, said that the first recommendation targets the full support for the takaful and retakaful insurance industry.

Gouda has added that the second recommendation aims to spread awareness urgently for the standards and the importance of takaful insurance products not only among all customers, but also among all workers in this field.

Gouda stated that the third recommendation includes the gathering of all legal fatawas on the takaful insurance industry. He showed that his company has the capacity to shoulder all costs.

He further said that the fourth recommendation stipulates the necessity of having high financial sheet for takaful insurance firms to keep up with industry developments and face different challenges.

After the concluding session of the conference, IFTI had held its board meeting, in which a new board of directors was formed headed by Abdel Raouf Kotb, Chairman of Insurance Federation of Egypt for session 2016-2018.