Baraka Insurance provides range of protection plans that suits your diverse needs
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About us

You can depend on us to get a good services

OUR PRINCIPLES Mission Company Goal
Employer of choice
Ethic centered products
Sound risk management
Effective Sharia compliant structures
Transparent and information sharing with policy holders.
Effective enforcement of governance principles and Standards
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Market leader in Risk Management and Protection creating better everyday life.
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Delivering quality Takaful products and services by Prudent Underwriting and Strong Commitment.

BARAKA TAKAFUL INSURANCE Ltd – We Protect You! –  is a leading insurance company operating in Somalia, specializing in providing insurance solutions that adhere to Islamic Shariah laws. Our commitment to Islamic principles is reflected in our business model, which is based on the concept of Wakalah (agency) with a known wage. At Baraka Takaful, we prioritize the spirit of cooperation and joint responsibility among our participants. Our primary goal is to become the preferred provider of Islamic financial protection services, and we are dedicated to achieving this objective through unwavering dedication and exceptional customer service.

Our products and services be it for individuals or businesses assure the best quality of care and security that you need.

Takaful Concept & Principles:

Takaful” is Islamic insurance, where members
contribute money into a pooling system in order to guarantee each other against loss or damage. Takaful-branded insurance is based on Sharia, Islamic religious law and explains how it is the responsibility of individuals to cooperate and protect each other. On the other hand commercial insurance/ conventional insurance is strictly disallowed for Muslims because it contains Al-Gharar (uncertainty), Al-Maisir (gambling) and Riba (interest).

The operational framework can be simply explained as a system where each member contributes a given premium to a general Takaful fund managed by the Takaful Operator (BTI). Through the concept of Tabarru’ (donation), the members allow BTI to pay any losses suffered by the participants contributing to the pool. Any surplus left from the contribution after payment of claims and other expenses is either used to grow the reserves or distributed among the members. This is referred to as “surplus profit”.
Takaful is an Arabic word meaning “guaranteeing each other” or joint guarantee. Theoretically, Takaful is perceived as cooperative insurance, where members contribute a certain sum of money to a common pool. The purpose of this system is not makes profit rather to help each other’s.