According to Takaful officials, Takaful Gambia Limited (TGL) is the only Islamic insurance company in Gambia and West Africa so far. They offer Banca Takaful, fire & general Accident – travel, personal and motor accident.Takaful Gambia Ltd is also the first insurance company in the Gambia to pioneer the process of profit sharing at the end of the term. The system of Islamic insurance is based on the concept of Takaful which means joint guarantee, the contract Takaful as business venture is based on the Islamic profit sharing of Al-Mudarabah.

Speaking at the presentation ceremony Mr. Momodou M. Joof, Managing Director of Takaful asserted that the clients of TGL shall be entitled to earn returns on the contribution (premium) paid in consideration for their participation in Takaful products provided by TGL subject to the declaration of profit by TGL; “All operational matters are overseen by a Shariah advisory council”.

Also speaking at the occasion Imam Sheriff Badjan, Deputy Imam Ratib of Banjul who also double as the 1stvice president of the Supreme Islamic Council has affirmed that Takaful Insurance is operating directly with rules and regulations of shariah. He said that the shariah advisory council composed of highly respected and learned local Islamic scholars and members is open to all including non-Muslims.

The name Takaful Insurance is familiar and is represented in the insurance industry on quality service in the modern insurance. Their coming added a new chapter in The Gambia insurance industry with concept of Takaful means joint guarantee policy insurance and is spreading like wild fire in The Gambia most especially motor insurance.