Global Takaful Alliance to be launched in Riyadh in December
Source: Middle East Insurance Review | Nov 2024
The UNDP is working with partners to create the Global Takaful Alliance, the largest partnership of its kind, according to a statement posted on the website of the UNDP Insurance & Risk Finance Facility.
The UNDP’s partners in its vision to expand takaful’s reach are the Islamic Development Bank, Arab Gulf Programme for Development, Kuwait Finance House Group and the Mohammed Bin Rashid Al Maktoum Global Initiatives.
The public-private initiative is to be launched at the COP16 of the United Nations Convention to Combat Desertification in Riyadh in December this year. It is expected to leverage country, regional and global expertise and capacity on takaful at scale, to build the financial resilience of 100m people by 2030.
The statement said that of the 30 countries most affected by the changing climate, over half are Muslim-majority populations. Providing financial solutions compliant with Islamic law is an additional challenge to building financial protection, adding to existing challenges such as lack of access, trust and resources.
Insurance-type solutions that meet the needs of Muslim communities that already exist in the form of takaful can be used to protect vulnerable people across the world. M