AN insurance scheme designed to meet the life insurance and investment needs of the Muslim community has been introduced onto the Ghanaian market.
The Labaika scheme, the first of its kind on the Ghanaian market, is based on the stringent requirements of Sharia, which regards high interest rates as unislamic.
Speaking at the launch of the new product the Chief Executive Officer of Metropolitan Life Insurance, Mr Diop Frimpong, said the main purpose of the product was to provide a Sharia compliant investment product for the Muslim community.
He explained that the Labaika product was based on the purest concept of mutual help and social solidarity and was based on the principles of Sharia.
He said it was also to promote the concept of equality, and provided fixed sums should death occur during the term of the insurance irrespective of age, sex, social status and occupation.
Mr Frimpong said the Labaika product was a meaningful way of saving towards the financial requirements of the Hajj.
He said the scheme was also to provide a good opportunity for parents to save towards the increasing cost of education. Mr Frimpong appealed to Muslim communities to patronise the scheme since Metropolitan Life Insurance was offering them a product which respected their faith.
Mrs Nyamikeh Kyiamah , the acting Commissioner of Insurance said the insurance industry had seen a tremendous growth during the last few years mainly due to the improvements in the country’s macroeconomics environment and the emergence of appropriate products on the market.
She said the total life premium income grew from GH¢22 million in 2004 to about GH¢90 million in 2008
She said the life insurance industry had made significant progress in the last few years but still there remained much to be done to reach out to the informal sector.
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