Somalia ’ s first indemnity company in over 25 years is immediately operational in Mogadishu, adding yet another step to the nation ’ s reconstruction journey. Tafakul Insurance presently offers centrifugal vehicle, health and marine insurance. Tafakul ventures into a sector rare to the Somali people, having been eroded during the years of civil war. It now joins the convalescence journey of the Somali economy aboard other vibrant sectors which include banking, agriculture, telecommunications and construction .
The Tafakul indemnity ship’s company Chief Executive Officer Mohamed F Jeso says they were encouraged to set up the company because of the visible increase in the assorted sectors with a glaring gap in insurance .
“ We can see the improvement, we can see the development and we can see the expansion of the businesses in Mogadishu. We can see that the diaspora are coming back and investing in their nation so all these things show us that it ’ s the suitable time to establish an insurance company here. Without the insurance, no one will dare to come and invest here because of the lingering uncertainty, ” said Mohamed F. Jeso the CEO.

The company is presently registered and regulated as per Sharia law, as the government works towards establishing a legal model that supports growth of the economy and further increase the interest of investors in the economy
Fadum Mohamed Farah, the company ’ s in-charge of sales and customer care says “ We handle about 12 products including health insurance, vehicle indemnity, driving indemnity. Before we insure person, we sign a shrink knowing identical well that the agreement is of reciprocal benefit and helping one another since the company is founded and operated on Islamic principles ”.

Tafakul enjoys growing clientele, now in their hundreds with majority of their clients seeking centrifugal fomite policy.

One of the clients claiming compensation for his fomite says the military service has been very helpful .
“ I am a customer of this insurance ship’s company. I registered with them long meter ago. I am at the call department. I was involved in an accident. I told them about the accident I was involved in. They helped me after I claimed my insurance, ” says Khadra Adan Ahmed, a customer .
Though in its infancy, the policy sector adds a much needed ingredient to an economy experiencing fast growth. The International Monetary Fund in its first economic judgment of the Somali economy in 25 years said it grew by 3.7 % in 2014, chiefly driven by growth in the agricultural, construction and telecommunications sectors .

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