The Chairman of Takaful Insurance company, Omar Haji Hussein Omar Hashi, lauded the Upper House of the parliament, the senate, for the approval of the Somaliland Insurance Companies Act.
It was approved on Tuesday and now awaits to be enacted.
He described the move of the bill passing through the last stage the law passed as a representation of the fourth pillar of government.
He mentioned that the law has a special priority for the Somaliland nation hence lauded the Cabinet of Ministers and the President for formulations of the law and submission.
He similarly lauded and the House of Representatives for approving it.
On the other hand, he called on the members of the public to be ready for all insurance services, since the bill has sailed through all the stages.
The Takaful Company is the first insurance company to welcome and celebrate the approval of the Insurance Companies Act Nr.104/2022.
Noting that the law has been long overdue, he said that the insurance sector with legal policies in place completes the mechanism of governance thence being at par with undertakings similar to the international communities.
He said that their company, which has been working in insurance industry for 15 years, is fortunate to be the first company to celebrate the approval of this law.
He underpinned the fact that this insurance law is in accordance with the Islamic Sharia laws.
He said, “We are grateful to the president of Somaliland for fulfilling his promise to the community to have insurance, and as a company we welcome it very much.”
He added, “We have prepared the services for all insurance matters, as a company we have prepared insurance for you according to our culture and country”.