Palestine: New takaful operator receives regulatory nod
Source: Middle East Insurance Review | Oct 2023
Holy Land Takaful Insurance Company (Holy Land) has received regulatory approval to offer takaful products in the Palestinian insurance market.
With an authorised capital of $15m, Holy Land secured the licence in August 2023 to offer general takaful solutions and agricultural takaful products.
The company held its first general assembly last month and elected Mr Abdel-Ghani Attari as its chairman and Mr Zahi Anabtawi as vice chairman. Mr Attari said that Holy Land would market takaful products in addition to traditional offerings.
“We consider the new company as adding value to the insurance market and we are open to working with all operators in the sector,” he said.
Holy Land general manager Ahmed Mushasha said that the aim is to offer innovative shariah-compliant insurance solutions with a focus on agriculture insurance products.
The launch of Holy Land brings the number of takaful operators in Palestine to four, out of 10 insurance providers.
Holy Land is the second operator to receive a licence for offering agriculture insurance products. The first is Al-Barak Takaful which was licensed last year. M