Tanzania Insurance Regulatory Authority (TIRA)
Deputy Commissioner, Hon. Khadija Said - During CIFCA
Islamic Finance Monthly Debate.
The Takaful Industry in Tanzania
The Takaful (Islamic insurance) industry in Tanzania is an emerging segment of the country's insurance market, established to provide Shariah-compliant risk protection based on the principles of mutual cooperation (ta'awun), shared responsibility, and the prohibition of interest (riba), excessive uncertainty (gharar), and gambling (maysir). Although still at an early stage of development, the industry has demonstrated significant growth, driven by increasing public awareness, supportive regulatory reforms, and rising demand for ethical and faith-based financial services.
The Tanzania Insurance Regulatory Authority (TIRA) regulates Takaful business under the Insurance Act and has introduced a dedicated licensing and supervisory framework for Takaful operators, brokers, agents, and other intermediaries. This regulatory framework has enhanced market confidence and encouraged new investments in the sector.
Currently, the Tanzanian Takaful market comprises three licensed Takaful operators:
ZIC Takaful Company Limited – Established in 2022, ZIC Takaful became the first dedicated standalone Takaful company in Tanzania. The company offers a wide range of General Takaful products, including motor, fire, engineering, marine, liability, and personal accident Takaful. Its establishment marked a significant milestone in the development of Islamic insurance in the country.
First United Takaful Company Limited – Commencing commercial operations in 2023, First United Takaful expanded the availability of Shariah-compliant insurance products in Tanzania. The company provides both individual and corporate Takaful solutions and has contributed to increasing public awareness and acceptance of Islamic insurance through product innovation and market outreach.
Al Barakah Takaful Insurance Company Limited – Established in 2025 as part of the Hayel Saeed Anam (HSA) Group, Al Barakah Takaful received an active Takaful operator license from the Tanzania Insurance Regulatory Authority (TIRA) in 2025. The company offers a comprehensive range of Shariah-compliant insurance solutions designed to meet the needs of individuals, businesses, and institutions across Tanzania. Its entry into the market has strengthened competition, increased consumer choice, and enhanced the overall capacity of the Tanzanian Takaful industry.
In addition to these licensed operators, the industry has witnessed the registration of specialized Takaful brokers and agents, reflecting a growing interest in Shariah-compliant insurance among intermediaries and investors. The increasing number of licensed intermediaries has improved market accessibility by expanding distribution channels and enhancing customer education regarding Takaful products and services.
The Tanzanian Takaful industry continues to record steady growth in contributions (premiums), product diversification, and market penetration. While the industry remains relatively small compared to the conventional insurance sector, it is increasingly recognized as an important component of the country's broader Islamic finance ecosystem. Demand for Takaful is being driven not only by the Muslim population but also by non-Muslim consumers seeking ethical, transparent, and cooperative insurance solutions.
Looking ahead, the prospects for the Takaful industry remain positive. Continued regulatory support from TIRA, increased public awareness, innovation in product offerings, expansion of distribution networks through brokers and agents, and closer integration with Islamic banking and other Islamic financial services are expected to accelerate industry growth. As the market matures, Tanzania is well positioned to become one of the leading Takaful markets in East Africa, contributing to greater financial inclusion and the diversification of the national insurance sector.
