HNB General Takaful Awarded ‘Takaful Window/Unit of the Year 2023/24’

HNB General Takaful, the Islamic insurance division of HNB General Insurance, has garnered widespread attention in the financial sector after being awarded the coveted ‘Takaful Window/Unit of the Year 2023/24’ at the Sri Lanka Islamic Banking & Finance Industry Awards (SLIBFI). This prestigious accolade, presented by UTO EduConsult, underscores HNB General Takaful’s outstanding leadership in the Islamic insurance sector, reflecting its deep commitment to delivering exceptional Sharia-compliant services to clients across Sri Lanka. The remarkable feat of being the only company from the general insurance sector to receive this recognition further highlights the company’s prominent position in the industry.

HNB General Takaful: Pioneers in Islamic Insurance

As Sri Lanka’s pioneering window model Islamic insurance provider, HNB General Takaful has consistently upheld the values and principles of Takaful, ensuring that its offerings cater to the diverse needs of clients without compromising on Sharia compliance. The division’s ability to blend Islamic ethics with modern financial solutions has made its products both competitive and relevant in today’s broader insurance market.

HNB General Takaful’s leadership is evident not just in its service delivery but also in its strategic growth. The recognition of this division at the SLIBFI awards reflects its robust financial strength and ethical business practices. The selection process, conducted by SLIBFI in collaboration with KPMG, involved rigorous evaluation of audited financial data and performance metrics. This award is more than just a title—it represents the division’s strong financial foundation, ethical focus, and potential for future expansion.

Commitment to Service Excellence

One of the cornerstones of HNB General Takaful’s success is its commitment to service excellence. With an extensive network of over 35 branches spanning multiple provinces, HNB General Takaful ensures that its products reach a broad demographic, catering to both individuals and businesses alike. This widespread presence allows the company to provide a personalized experience to its clients, with offerings that are tailored to meet their unique needs.

CEO of HNB General Insurance, Sithumina Jayasudara, elaborated on the significance of the SLIBFI award, stating, “Winning the ‘Takaful Window/Unit of the Year’ award is a significant milestone for us. It not only acknowledges our commitment to Takaful principles but also recognizes the unmatched value we bring to our clients. Our products are not only Sharia-compliant but also competitive in today’s dynamic insurance landscape. This award is a testament to the dedication and hard work of our team.”

The company’s expansive network, combined with a highly skilled team, has enabled it to introduce a wide array of products, catering to the specific needs of its clients, from motor insurance to property and health coverage—all designed within the framework of Islamic finance.

Tailored Solutions for an Expanding Market

The increasing demand for Sharia-compliant financial products in both local and global markets presents significant growth opportunities for HNB General Takaful. As the global Islamic finance industry expands, so does the need for ethical and customized insurance solutions. HNB General Takaful has positioned itself at the forefront of this movement, offering flexible and tailored products that align with Islamic values while meeting the practical needs of its clients.

Hifly Huzair, Deputy General Manager – Corporate and Takaful at HNB General Insurance, emphasized the company’s focus on client trust and satisfaction, stating, “We are deeply honored by this award, which affirms our leadership in the Islamic insurance sector. Our mission has always been to provide products that our clients can trust, knowing they are built on strong ethical foundations. This recognition highlights the trust our clients have in us and reaffirms our commitment to maintaining that trust.”

Sampath Wickramarachchi, Chief Business Officer – Corporate & Branch Network at HNB General Insurance, shared his insights on the company’s client-centric approach. “At HNB General Takaful, we prioritize understanding our clients’ needs. Our ability to design tailor-made, Sharia-compliant products that are both practical and aligned with Islamic principles sets us apart in the market. Our success is deeply intertwined with the success of our clients, and this award is a validation of that belief.”

Islamic Insurance Industry Growth

As the Islamic insurance (Takaful) industry continues to grow globally, there is a promising future for companies like HNB General Takaful. Recent trends indicate a strong demand for Sharia-compliant products, particularly in regions such as South Asia, the Middle East, and Southeast Asia. According to the Global Islamic Finance Report 2024, the global Takaful market is projected to reach USD 62 billion by 2027, growing at a compound annual growth rate (CAGR) of 13%. This provides significant room for HNB General Takaful to expand its market share, tapping into emerging markets and strengthening its presence beyond Sri Lanka.

The rise in ethical finance awareness globally, especially among Muslim-majority populations, further propels the demand for Sharia-compliant insurance solutions. As a pioneer in the Islamic insurance sector, HNB General Takaful is well-positioned to benefit from this growing market, offering innovative and trustworthy products that meet the evolving needs of individuals and businesses alike.

Innovating for the Future

Looking ahead, HNB General Takaful is committed to expanding its product offerings and service capabilities, ensuring that it stays at the forefront of the Islamic insurance sector. The company is poised to introduce new, innovative insurance solutions that cater to both local and international markets while maintaining its focus on ethical practices and client satisfaction.

HNB General Takaful’s forward-looking strategy is based on a balanced approach that combines its strong ethical foundation with the latest financial technologies. By incorporating modern tools such as digital platforms and AI-powered services, the company aims to enhance the client experience, improve operational efficiency, and continue providing innovative Sharia-compliant products.

Furthermore, with the global trend toward sustainability and ethical finance, HNB General Takaful has the potential to appeal not only to Muslim clients but also to non-Muslims who value ethical business practices. This opens up new avenues for growth and diversification, allowing the company to further solidify its position in the Islamic insurance sector.

The Importance of Ethical Leadership

In an industry where trust and ethics are paramount, HNB General Takaful stands out for its unwavering commitment to Islamic principles. The company’s leadership has consistently demonstrated its dedication to ethical business practices, ensuring that all its products and services align with the core tenets of Takaful, which are rooted in mutual assistance and shared responsibility.

This ethical approach has earned HNB General Takaful a reputation as a trusted partner in the financial services sector, and its recent recognition at the SLIBFI awards is a testament to its leadership in the industry. As more individuals and businesses seek financial solutions that align with their values, the company’s commitment to ethical leadership will remain a key differentiator in the market.

HNB General Takaful’s recent achievement at the SLIBFI Awards serves as a testament to its leadership, innovation, and unwavering commitment to the principles of Islamic finance. With its strong ethical foundation, tailored product offerings, and client-centric approach, HNB General Takaful is well-positioned to continue setting new benchmarks for excellence in the Islamic insurance industry. As the demand for Sharia-compliant financial solutions grows, the company’s ability to balance traditional values with modern financial needs will ensure its continued success in both local and global markets.