Bryte launches Shariah-compliant Insurance

Bryte, the proactive personal and business risk specialist, announces the launch of Shariah-compliant Insurance in Botswana, aimed at protecting individuals and businesses through our in-depth knowledge of risk. The idea to launch this product set, has long been under discussion and has seen the Company engage with various stakeholders including religious leaders of the Islamic faith in Botswana.

A Shariah-compliant Agreement can be translated to simply mean “joint guarantee” – a shared responsibility with the underlying characteristic of “sharing”. It is an Islamic form of insurance through which participants (insureds) donate their contributions (premium) to pay for losses suffered by any of the participants. The contributions are transferred into a pool through which claims are paid. Because the principles of Shariah Takaful are followed, the element of uncertainty, gambling and usury (interest) are eliminated. Of importance though is that the product can be sold to anyone.

On launching this new product set, CEO, Dziki Nganunu said: “The launch of Shariah-compliant Insurance in Botswana propels Bryte into a new innovative dimension where insurance risk is concerned. We are excited to provide a product that embodies the principles of humanity, a shared responsibility, where underwriting surpluses are distributed not only to participants but are donated to charitable institutions as well.”

Nganunu continued: “Bryte takes the lead in the short-term insurance sector as the first and only Shariah-compliant provider in Botswana that creates a window of opportunity for us to service this particular customer segment. Initially, the Shariah-compliant Personal Insurance Policy, Shariah-compliant Commercial Insurance Policy and a combination of both are available to the market.”