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Published On: Fri, Apr 28th, 2023

Takaful presents D4.9M profit sharing of 2019-2020 to NAWEC

The Takaful Gambia Limited, an Islamic insurance operating based on
“Sharia” law on Thursday presented a cheque of D4,949,578.18 to
NAWEC Company as their 2019-2020 profit share.
The event held at NAWEC headquarters in Kanifing, marked for the first
time since they formed the partnership in their insurance business
relationship, which was a share of Nawec profits of the year 2019-2020.
In his welcoming remarks, the deputy managing director of NAWEC,
Mr. Edrisa B. Jarju thanked Takaful for the cheque presentation which
he said was based on their relationship in terms of insurance based on
Islamic law “sharia” of profit sharing.

He noted that NAWEC as a client of Takaful Insurance is entitled to earn
returns in consideration for their participation in Takaful products. He
stated NAWEC has about three power plants installed with Takaful.
He said that with Takaful, NAWEC risks are covered and profits are
shared as the relationship is continuously growing much stronger.
For her part, Takaful Insurance Chief Executive Officer, Madam Fatou
Jallow stated that NAWEC and Takaful has come a long way from 2015.
She noted that it has been a good mutually beneficial partnership
between the two organizations, where Nawec risk is covered. She
advanced that there could be two forms of benefits, either by way of a
claim or profit sharing.
She noted that if at the end, there is no claim, participants are entitled
to a profit that they made.
She revealed that as Takaful, they are honored to have fulfilled their
promised made, and that it is part of Takaful’s obligation to share
profits to the participants as deemed fit.
She stated that after a full circle, every participant who does not have
claims, he or she is entitled to a profit share.
She recalled that there were years where Takaful did not pay profit
sharing, because there were claims which were equally paid on time.
Also speaking, Imam Sherif Manjang of Takaful stated that every year
they give out hundreds of thousands to the poor as “zakat” while he
urged all participants who insured their cash with Takaful to give out
“zakat” from it, as it is one of the five pillars of Islam.
Seedy Omar Bensuda, one of the directors on Takaful board said the
event demonstrated the uniqueness of Takaful in the industry, not only
do they assure their partners that when they are in trouble that they

will be there to safeguard their assets and infrastructure as they have
done in the past, but they are also there to safeguard their participants
by presenting them with the cheque.
Modou Dampha, Nawec Senior Administrative and Human Resource
Manager acknowledged that Takaful has always been there for them
and been a reliable partner.
He added that Takaful presence in the market has revolutionize with
the insurance industry which has enhanced their confidence in the
insurance industry.
He noted that Nawec has built so much confidence in Takaful over the
years. On behalf of Nawec, he applauded Takaful for the gesture.

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