AlHuda CIBE will Provide Assistance for the Development of Takaful & Re-Takaful Industry

 mou alhuda

Takaful, the globally emerging phenomenon is not only restricted to the specific countries rather it has captivated its roots in African, Asian and European countries and in America as well. The built-in features of sustainability and best alternative financial solution make this phenomenon prominent and attracts the attention of professionals and researchers.

Keeping in view the importance, AlHuda CIBE and Ethiopia Reinsurance have entered into a Memorandum of Understanding (MOU) yesterday in the headquarters of Ethiopian Reinsurance, Addis Ababa, Ethiopia, signed by Mr. M. Zubair Mughal, CEO of AlHuda CIBE and Mr. Fikru Tsegaye, A/CEO of Ethiopian Reinsurance. The purpose of the MoU is to promote Takaful and Re-Takaful industry in East African and Ethiopian insurance market.

Mr. M. Zubair Mughal said that Islamic finance is not only the interest of Muslim population rather non-Muslims are taking keen interest to learn and implement it. There are various non-Muslim countries where Islamic Finance is providing their customers state-of-the-art services above all religious differences. He added that according to this MoU, both organizations will work together to strengthen the Takaful and Re-Takaful industry in the region. Moreover, the annual conference will also be held under the MoU to promote Takaful industry. AlHuda CIBE will offer its technical and Shariah advisory, trainings and other services to the Takaful industry. AlHuda CIBE and Ethiopian Reinsurance will work together to promote the captive Takaful industry.

He also added that, we will pool our expertise and resources to achieve the optimum goal of promotion of Takaful and Re-Takaful industry in East African countries. Mr. Zubair Mughal, Chief Executive Officer, AlHuda CIBE, stated that more than 400 Takaful companies and 35 plus Re-Takaful companies are working globally. Takaful industry will help to manage the risk under ultimate Shariah rulings and important for the promotion of Islamic finance industry overall. Islamic finance industry is in need to avail Shariah compliant risk management techniques which is only possible under Takaful concept. This will strengthen the Islamic finance industry overall.

Mr. Fikru Tsegaye, A/CEO of Ethiopian Reinsurance said that they are dedicated to develop Re-Takaful market in the region for the development of Takaful industry. This initiative will also strengthen the local Takaful industry in Ethiopia. Furthermore, other regional markets would also be benefited by the initiative taken by the Ethiopian Reinsurance, he added.

About AlHuda CIBE:
AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

Ethio-RE Staff visited the Unity Park on Saturday 6, February, 2021. The construction of Unity Park was initiated by Prime Minister Abiy Ahmed (Dr.) in 2018 and officially inaugurated and opened to the public on October 10/ 2019

 

unity park

Unity Park is located in the premises of the Grand Palace and it is composed of various historical, natural and cultural sites.The Grand Palace, where Unity Park is located, was established in 1887 and without counting Prime Minister Abiy Ahmed (Dr.), the palace served as the living and working space of seven Ethiopian leaders. The palace covers an area of 40 hectares and contains myriads of historical buildings and plants that date back to the time of Emperor Menelik II.

Announcement of the 1st

Ethiopian based Global Takaful and Re-Takaful Forum

Ethiopian Reinsurance SC a.k.a. (Ethio-Re) is delighted to herald the first Ethiopian-based global takaful and retakaful forum to foster the advancement of the insurance industry bearing in mind its untapped potential in Ethiopia.

  • EVENT TITLE: Global Takaful and Re-Takaful Forum ;
  • WHEN: 18th March 2021 & 2 Days Post Event Workshop on Operational Aspects of Takaful, ReTakaful, and Micro-Takaful (19 -20 March 2021);
  • VENUE: Hyatt Regency Hotel, Addis Ababa, Ethiopia;
  • IN ASSOCIATION with AlHuda CIBE: Centre of Islamic Banking & Economics.
  • EVENT OWNER: Ethiopian Reinsurance SC (Ethio-Re)

Event recipe

Ethio-Re has organized this global event to create Awareness, Learning, and Trained Human Capital and create a learning atmosphere to develop Islamic Financial Products to cater for the market needs bringing more and more compatibility between Customers and Islamic Financial Institutions through education, pieces of training, awareness seminars, product development, publications, and consultancy.

All insurance companies are invited to attend the event and benefit from the happening.

Please send us the participants that will attend the event via email using  This email address is being protected from spambots. You need JavaScript enabled to view it.  /   indicating “ GLOBAL TAKAFUL AND RETAKAFUL FORUM” in the subject line or call us using +251-913-0351-68 /+251-115-57-57-57.

Ethio-Re

Rising with Africa!

CALL FOR PAPERS and announcement of the 1st national life assurance SUMMIT

Ethiopian Reinsurance SC a.k.a. (Ethio-Re) promotes calls for papers for the first national life assurance summit to share evidence and experiences related to challenges and opportunities of life assurance and how the business can be scaled up considering its untapped potential in Ethiopia.

  • WHEN: The summit shall take place on 25-26 of February 2021,
  • VENUE: Hyatt Regency Hotel, Addis Ababa, Ethiopia,
  • THEME:Breathing Life into the Life Assurance Business”
  • PARTNERS: Addis Ababa University, Public Enterprises Holding and Administration Agency, and Association of Ethiopian Insurers.
  • EVENT OWNER: Ethiopian Reinsurance SC (Ethio-Re).

PAPER SUBMISSION TOPICS

We invite submission of research papers that connect to the life assurance business. We particularly encourage research that informs decisions related to the business of life assurance and public policy, including perspectives on the economic impact for the insurance industry and how to curb structural challenges in the way forward.

Topics of particular interest include but are not limited to:

  • Strategic, policy, and regulatory issues:
    • The role of government in the development of life assurance;
    • Critical Success Factors to Drive Life Business, Challenges and opportunities of long-term insurance in Ethiopia;
    • The conducive legal and regulatory landscape for the development of life assurance;
    • Strategic and policy issues and structural problems at the macro, meso, and micro level that hinder the development of the life insurance business in Ethiopia;
    • Regional, continental and global market trends and lessons to be drawn, including Potential lessons from the sudden and deep economic impact;
  • Life insurance industry
    • Issues concerning life assurance products, rating and awareness creation;
    • The role of IT, cost-effective delivery channels, and the question of affordability;

We welcome submissions of both theoretical and empirical manuscripts.

 

REVIEW PROCESS

  • Manuscripts submitted will be evaluated with similar expectations of rigor and carefulness, although given the pressing nature of the call for papers and rapid associated changes, we aim for an expedited review process.
  • For authors seeking early feedback about potential research ideas or proposals, we established an optional pre-review process, where members of the editorial team agree to provide ad-hoc reviews.

emolumentS

  • Ethio-Re will provide a recognition certificate and a reasonable sum to those who produced and presented papers at the workshop.

Publication

  • The proceedings of the Annual Life Assurance Forum will be published and distributed by Ethio-Re in the first journal of Ethio-Re and on the website.

 

If you are interested in taking advantage of this opportunity, please send your proposal or draft/final papers no later than January 30, 2021, to This email address is being protected from spambots. You need JavaScript enabled to view it.  /   indicating “LIFE ASSURANCE SUMMIT” in the subject line or call us using +251-913-0351-68 /+251-115-57-57-57.

Ethio-Re

Rising with Africa!

ETHIO-RE AND OMAN RE SIGN A MEMORANDUM OF UNDERSTANDING (MOU)

January 25, Oman , Muscat  – On Monday 25th of January 2021 Ethio-Re  and Oman Re  met to sign a MoU.

The agreement was signed in the presence of – Dr. Juma Bin Ali Al Juma , Board Chairman of Oman Re and Ethiopian Reinsurance Company, represented by it’s Chairman - Mr. Hailemariam Assefa Yeshitila at the ceremonial event in Muscat.MOU SIGNING EVENT

The acting Chief Executive Officer in charge of Ethio-Re , Mr. Fikru Tsegaye and all Board members of Ethio-Re, gathered in Oman Re’s offices for this important moment.

This MoU, defines the frame for future cooperation between Ethio-Re and Oman Re.

“We are very pleased to see this MoU in place as it paves the way for great synergy between our two entities, in solidifying the business relationships in many fronts including human resources capacity development, business reciprocity and jointly working to foster the business of insurance and reinsurance through an effective partnership”, said Mr Fikru Tsegaye.

 “This agreement will allow both organizations to contribute to improved coordination and also to ensure timely exchange of business and strategic partnership data to the benefit of both,” explained Mr Mr. Hailemariam Assefa Yeshitila , during the ceremony.

Oman Re is the first reinsurance company to be established in Oman with the purpose of writing Facultative and Treaty business from local and international markets.

Oman Re’s current territorial scope includes all Afro-Asian countries, CEE and CIS markets and it writes marine and non-marine lines of business. Oman Re’s leadership team welcomed the 10-member Ethio Re delegation comprising of their Board of Directors and Acting CEO.

http://www.omanre.com/news.php

 

Current NEWS: Ethio-Re conducted its 5th AGM of Shareholders 

The 5th Annual General Meeting of shareholders (5th AGM) was held on 15th of December, 2020 at Hilton Hotel starting 2:30 pm.

Ethio-Re- registered a commendable performance in terms of yielding good operational plus financial results as well as in putting the foundation for greater progression opportunities in the years to come. This was disclosed, during the 5th Annual General Meeting of Shareholders of the Company held at the Addis Abeba Hilton Hotel on December 15, 2020.

Speaking on the occasion, Ato H/Mariam Assefa , Chairman of the Board of Directors of the Company noted, during the period the company has registered growth in terms of gross written premium, investment income, and profit over the previous years. According to the chairperson, the performance comparison with previous years in this regard showed that Ethio-Re is in a trajectory of growth.

Ato H/Mariam also mentioned in the period, the Company is in the final process of preppartion and implementation of long-term strategic plan with Deloitte Consulting Ltd., the largest among the big 4 International consulting firms. According to him, the partnership is aimed at enabling the Company to be competitive and ensuring the sustainability of growth.

The meeting that followed the key-note address dwelt on several issues according to the Company's financial and operational performance during the reporting period, as well as on matters regarding the appropriation of profits, remuneration of Board of Directors, payment of service rendered by External Auditors et al.

The shareholders also made a vote for the appointment of 5 Board election committee members to replace the outgoing Board of Directors in place of Directors whose tenure will end next year. The 5th Annual General Meeting reached its conclusion with a declaration of a dividend  to be paid on fully paid shares. 

 

 

 

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