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First Somalia Insurance Company Opens Shop

People in Somalia are now able to buy insurance policies in the country as the private sector drives recovery efforts after years of conflict.

The first Somali Takaful and Retakaful Company which opened in Mogadishu late last year, is a new player that wants to create an insurance market that was previously non-existent.

The insurance firm hopes to cash in on the increasingly lucrative market afforded by Somalia’s return to stability, after almost 10 years of political turmoil and an Islamist insurgency.

Abdiwahid Ahmed Guled, one of the directors at the firm, says the main challenge the company faces is lack of information and ability to persuade Somalis concerning the benefits of insurance.

Somali people and their property have been prone to risks for years and the company says getting them to secure assets and their lives has not been easy.

The insurance company sells life, car and house insurance schemes in line with Islamic insurance principles.