Absa Group Acquires Islamic Insurance Company Takafol For Undisclosed Sum
By combining Takafol’s South African products into Absa Insurance there will be “more direct control” over underwriting and pricing, Johannesburg-based Absa said in an e- mailed statement today. This new operation will comply with Islamic Shariah law, the company said.
Takafol, which started in 2003, will be rebranded Absa Takafol. Uwaiz Jassat, Takafol South Africa’s current managing director, will head the new division.
Absa, South Africa’s biggest retail bank, introduced investment products that comply with Islamic law in 2005. Barclays, the U.K.’s third-biggest lender, owns 56 percent of Absa.
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