Protecting the forgotten through microtakaful
Ajmal Bhatty, Middle East Insurance Review, July 2010
This note, written by Mr Ajmal Bhatty, CEO of Takaful, Tokio Marine Middle East, explains that the Islamic finance industry, including takaful, should do more to come up with schemes, services and products that help protect the low income populations.
Islamic microfinance and microtakaful, like their better developed conventional counterparts, exist not to alleviate poverty but to empower people in finding a way out of their poverty and give them a real hope of being financially self-sustaining. As former US President Bill Clinton said in praising Dr Mohammad Yunus for his pioneering work in microfinance: "By giving poor people the power to help themselves, Dr Yunus has offered them something far more valuable than a plate of food – security in its most fundamental form".
It is that security that is needed. The conventional microfinance and microinsurance have done a lot in providing this security. But Islamic finance and takaful still lag behind.
Click here to download note
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