Kenya Reinsurance Corporation (Kenya Re) is seeking to hire an Islamic re-insurance focused executive as it looks to tap more opportunities in the budding sector.
The Nairobi Securities Exchange (NSE)-listed re-insurer last week advertised for the position of a “Sharia coordinator” who will be charged with boosting income from the business.
“Kenya Re now seeks to recruit and fill the position of a Shariah coordinator. The selected candidate’s main duties will include growing the Re-takaful business segment of the corporation,” said Kenya Re in a notice.
“Applicants should be holders of a Bachelor’s degree and holders of a diploma in Islamic Finance or related field. Qualifications in Sharia Law will be an added advantage.”
Chief executive officer Jadiah Mwarania had earlier said the reinsurer will leverage on the expanding opportunities in the Re-takaful segment to boost income from the segment at a time it is witnessing fast growth.
“We are very happy to be front runners in the bustle of activities that we see taking shape in establishing Takaful and Re-takaful in Kenya and Africa,” Mr Mwarania said.
“We saw a business opportunity and more importantly we saw a vehicle of fulfilling economic, social and religious needs of Muslims and non-Muslims who found the Takaful products acceptable.”
Takaful insurance is a form of mutual insurance that is acceptable under Islamic or Shariah law. Re-takaful is reinsurance of the cover.
A widening market for Sharia-compliant insurance products in Africa is helping move the sector away from long-standing reliance on conventional reinsurance lines.