Bryte Insurance has received the award for Best New Takaful Company – Africa at the 13th International Takaful Summit, which took place in London from 9 -10 July 2019. Bryte was lauded at the world-renowned summit for its Bryte Takaful offering – an Islamic system of mutual co-operation, built around the concept of “Tabarru” (voluntary contributions). Bryte’s Takaful cover is an alternative to conventional insurance, providing tailored, Shariah-compliant personal, commercial, hospitality, engineering, specialised motor and travel cover.
Bryte Takaful creates a pool of wealth for the common good of members and contributions are paid out in the event of a loss or misfortune. In addition, contributions are invested according to the principals of Shariah law (avoiding any interest-based instruments). If an underwriting surplus is declared, it can be distributed to participants; by donation to charity(s), or; placed in a reserve fund.
Sedick Isaacs, Head: Business Support Services at Bryte Insurance, commented: “Takaful is different to conventional insurance, where policyholders pay premiums for protection against loss. Although not an entirely new concept, Shariah-compliant insurance has yet to hit its stride locally. Despite its faith and belief-based appeal, the pace of growth for Shariah-compliant insurance is relatively disproportionate to the number of potential Muslim clients worldwide (currently standing at approximately 1.5 billion). In addressing this disparity, Bryte Insurance has introduced a Shariah-compliant short-term insurance product to the South African market, through a partnership with Takaful Africa. Bryte’s Takaful product offering is an alternative to conventional insurance, providing tailored, Shariah-compliant cover across a wide range of offerings.”