Botswana Life launched its latest Shariah compliant investment products at an event held at Gaborone International Convention Centre (GICC) on the 8th of May. This momentous occasion signified yet another milestone in the company’s continuous endeavor to provide a sufficient financial safety net for the general population, and promote the development of the Islamic capital market.
Speaking at the unveiling of the new products, Botswana Life CEO Bilkiss Moorad revealed that the company realises the need for Shariah compliant investments: “This market is growing rapidly in the world. As Botswana Life, we recognized the importance of such investment products, as Muslims are a quarter of the world’s population and still growing. We are committed to introducing innovative products that meet market needs.”
Botswana Life enjoys the largest market share and has gone further to launch its flagship Affluent division. As part of their initiative, the insurance giant aims to develop differentiated services and product offerings through analyzing the needs of the market, and subsequently embracing the opportunity to include Islamic investments.
The launch of Shariah compliant investment products aims to empower and give customers hope of being financially self-sufficient. Although Shariah compliant investment represents a relatively small part of insurance industry, there is still a large untapped market which gives the prospect of Islamic investments to grow considerably in the future.
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