Absa buys Islamic insurer

Johannesburg - Absa Group [JSE:ASA] has acquired Takafol, the only firm offering Islamic insurance in South Africa, for an undisclosed amount, Business Day newspaper said on Friday, citing an Absa executive.

"For us, this is a key strategic acquisition and we will be looking at all possible Islamic banking products that we can introduce," Amman Muhammad, managing director of Absa's Islamic banking, told the newspaper. 

No one at Absa was immediately available for comment.

South Africa's Islamic insurance market brings in about R3bn in annual premiums, the newspaper said.

Absa is majority owned by Britian's Barclays.