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{
    "id": 699734,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/699734/?format=api",
    "text_counter": 159,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Thank you, Hon. Speaker. I want to thank all Members who made very positive contribution. To correct the notion that Takaful Insurance is only found in Muslim world, you will find it in Malaysia, Indonesia and the Middle East. It is an Arabic word meant to define that type of insurance. It is just like the way the Cabinet Secretary (CS) for the National Treasury would go to the Middle East to float a bond. That bond would be called Sukuk . If you see Sukuk Bond, that is an Arabic word in the Muslim world that refers to the bond. So, Takaful is another term used. I am sure many Members understand it because it has been in existence in our country for the last eight or nine years. It is a very unique form of insurance where the claimant does not pay a lot of money. It is more like cost-sharing; there is not much interest. So, it is like the set up in the Islamic banking system where if you borrow, you will not pay interest rates. You pay administrative costs. So, this is a very important Bill. It is giving citizens, even if they are not of Islamic faith, certain products irrespective of their religious affiliation. I beg to move."
}