Bryte Takes Home Top Honours

19 July 2019 Bryte Insurance

Bryte Insurance is named the Best New Takaful Company in Africa

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.”

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