5.5 million houses not insured in Algeria, says Salama Islamic Insurance Company CEO

Islamic insurance or Takaful activity in Algeria has witnessed record development for the last three years compared to classical insurance activity while 5.5 million houses are not insured, Islamic Arab Insurance Company (Salama) said.

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• “Takafu insurance activity in Algeria is estimated at 35 percent though Salama Company’s share in the market did not exceed 5.3 percent in 2008,” Ahmed Hadj Amhamed told Echorouk.
• “Islamic banks operating in Algeria including El Baraka and Essalam developed Takaful insurance in the country. Islamic banks are the main partner of the Islamic insurance sector,” he added.
• He believes that insurance sector in Algeria is one of the most important and promising markets in the Arab region. “The main principle in the Takaful insurance is based on sharing risks and profits in equality among all the shareholders.”
• According to the CEO, the company witnessed great expansion in covering all the country. “The number of El Baraka Insurance agencies reached 130.”
• “They are distributed in the central, eastern and western parts of the country in accordance with a comprehensive strategy in favour of the Algerian clients’ religious convictions.”