Allied Insurance Company of the Maldives Private Limited has introduced Crop Takaful, the first farming insurance plan in the Maldives.
Crop Takaful is a Shariah-compliant insurance solution for farmers that provides protection and sustainability to their livelihoods. The insurance plan aims to cover farmers for any damages to crops incurred due to nature. It will also provide compensation in cases farmers are unable to turn a profit from selling their produce. This type of insurance plan was previously unavailable to Maldivian farmers.
At a press conference, General Manager of Allied Insurance Ibrahim Firshad highlighted the importance of introducing an insurance plan for farmers. He said that farms should be insured just like any other business and that such an insurance plan is much needed in the country.
Also at the press conference, Manager at Ayady Takaful, the Islamic Window of Allied Insurance, Fathimath Nizma said discussions were held with farmers across the country prior to introducing the insurance plan. She also assured that the plan currently covers damages incurred due to natural disasters but that it will have broader coverage in the near future.
Allied introduces farming insurance