“Amana Takaful has now embarked on a growth phase and we are pleased to be relocating our branch in Negombo where we have enjoyed high demand for the concept” said Nazeem Ghaffoor, Senior Manager Sales and Distribution, Amana Takaful PLC speaking at the opening ceremony attended by prominent businessmen, professionals and members of the financial services fraternity. “We are in our 13th year of operations and intend to establish more service locations in the island making us more accessible to all Sri Lankans, he added.
Amana Takaful has been in operation in the Negombo since the year 2005 and has established a strong position recording growth of more than 67% in both Life and General insurance in the last year. “I am proud to say that we have doubled our staff enabling youngsters in the Negombo area to be Takaful Ambassadors,” said Negombo Branch Manager M.N.M Shah at the opening ceremony.
Speaking at the opening ceremony Assistant Sales Manager Shafraz Zubair said. “We have been successful creating a strong position for Amana Takaful in Negombo and have great expectations through this office. I am encouraged by the support rendered to us by the people of Negombo and sure that the future is bright for Amana.”
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 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. Amana Takaful has also been recognized by the international Takaful community for the efforts made towards developing Takaful in the South Asian Region. 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.