Côte d'Ivoire/Islamic Insurance: Leadway Takaful remits a 20 million FCFA surplus to the Hajj Board for 2022 Hajj

A groundbreaking event took place in the Islamic insurance sector in Côte d'Ivoire. Leadway Takaful handed over a cheque of 20,000,800 FCFA francs to the Hajj Board on Monday, 29 May 2023. This amount represents the surplus realised at the end of the 2022 Hajj exercise (1443 H.), during which the company insured 50% of the pilgrims. The cheque presentation ceremony took place at the headquarters of the Ivorian Hajj Commission. Several dignitaries took part in the ceremony, including Imam Bachir Ouattara, General Commissioner for Hajj; Imam Berthé Ali, Deputy General Commissioner for Hajj; Mr Tiornan Coulibaly, Managing Director of Leadway; Ms Fatou Bilé, Director of Leadway Takaful; and two members of the company's Shari'ah Board, namely Dr Adam Fadiga and Mr Sory Touré.

Few people would have imagined such a feat 10 or even 5 years ago, but today it is a reality in Côte d’Ivoire ! And Leadway Takaful has remarkably made this come true. The event aligns with the takaful principle, which stipulates that any surplus at the end of a financial year must be redistributed to the participants in strict compliance with the contract terms. Takaful is a form of insurance based on solidarity and cooperation between participants.

Many reactions marked the ceremony. First, Mrs Fatou Bilé commended the fruitful cooperation between Leadway Takaful and the Hajj Board. She also reiterated the company's commitment to do better. Second, Imam Bachir Ouattara, in his address, also commended Leadway Takaful for keeping its promise. Reacting to this praiseworthy move, he stressed that "takaful is a reality". He further noted that :

''...this is a first of its kind regarding the Hajj. The Hajj Board is used to giving, but receiving ?! In any case, it's our first time witnessing this.''


As for Mr Tiornan Coulibaly, who handed over the cheque to Imam Bachir Ouattara, he thanked the Hajj Board and all the other stakeholders for the commitment and trust reposed in Leadway Takaful as the insurance of the pilgrims. Mr Coulibaly expressed his confidence in a better tomorrow in this industry. He seized the opportunity to point out that :

"...if the (Muslim) community remains united, we can do better. All things being equal, with Takaful insurance, we can really show solidarity in action... For us, Takaful is the very essence of purposeful solidarity."

This remittance is symbolic and is a concrete response to the concerns of a non-negligible segment of the population excluded from insurance schemes on religious grounds. In addition to the latter, another group of ethically-minded people have been wondering what happens to insurance premiums when no loss/damage occurs. Undoubtedly, this event will help make Islamic insurance more attractive in Côte d'Ivoire and, why not, in other countries in the West African sub-region. It should be noted that Islamic insurance (Takaful), an ethics-based insurance, is available and accessible to anyone, regardless of their religious beliefs.

Leadway Takaful has been operating in Côte d'Ivoire since 2018. Currently, it only offers non-life Takaful products. Nonetheless, the company seems determined to play its pioneer role in the Islamic insurance sector in the country.

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