Insurance accessible only to 25% of population:
Amana Takaful establishes its first Micro Takaful branch
Amana Takaful, the flag bearer of the Takaful way of insurance in Sri
Lanka, opened its first Micro Takaful branch in Atulugama, Kalutara,
taking protection needs to the people who need it most.
A house under construction |
“Insurance is accessible only for 25% of the population; the rest are
almost neglected, leaving them vulnerable to the financial burden of
accidents and loss of life.
Thus, we found it right to engage this need by developing a suitable
insurance scheme for this special segment of the population,” said
Shamail Anam, Manager, Business Development, Amana Takaful PLC, at the
opening ceremony of the branch. Atulugama is a village in the Western
province of Sri Lanka, which has a population of about 10,000 adults and
4,750 families living in the area. Most of the families living in the
village, depend on a daily wage and small scale business. Micro Takaful
is an insurance scheme specially designed for low income communities. In
a Micro Takaful scheme, usual insurance product offerings are modified
to the needs of the low income earning community and are made affordable
to ensure they reach the deserving.
Amana Takaful is one of the first takaful insurance companies to
offer a micro insurance product in Sri Lanka. Their Micro Takaful
product “Navodaya,” has served many communities around Sri Lanka
already.
“We have reached many low income earning communities in Sri Lanka and
through the years, have gained a better understanding of their
requirements to serve them better,” said Imran Naleer, in charge of the
Micro Takaful programme of Amana Takaful. Followed by the opening of the
branch, Amana Takaful held a “Risk Management Awareness Seminar” for the
participants explaining the types of risks faced by them, the impact
caused by such risks and the provision of possible ways of managing or
mitigating risks. Imran Naleer further explained that “with the
expertise and experience gained in the field, Amana Takaful is in a
journey to spread Micro Takaful through education and products.”
As pioneers of the Takaful concept, Amana Takaful has been successful
in carving out a strong market for itself, in both Life and General
Insurance, since its inception and is also among the top 80 brands in
Sri Lanka as published by LMD. The company serves insurance needs across
the country, covering the East, South, Western, North Western, North
Eastern and Central Hills. The company is a Board Member of the Global
Takaful Group, which is an international Think-tank for the development
of Takaful globally. They also hold membership of International
Co-operative and Mutual Insurance Federation (ICMIF) of which they hold
the chairmanship of the Micro-Takaful Steering Group. Takaful in a
nutshell, is a concept of mutuality and joint guarantee of community.
It resolves around the practice of contribution towards the wellbeing
of the community. Participants contribute money into a pooling system
out of which the affected, due to loss or damage, is benefited by the
help of all and the profits of mutually beneficial partnership is shared
by all who have participated in the fund. In Takaful, customers
participate and their risks are pooled as opposed to the usual transfer
of the risk to the company. Hence, they become the joint owner of the
fund. |