EXECUTIVE INTERVIEWS > PUBLIC SECTOR
An interview with the Chairman of United Insurance
Tarig Khalil Osman is a major shareholder and Director of Khalil Osman Investment Company (KOI), a family investment company that has investments in Hotels, Aviation, & Agriculture sectors. KOI is the largest private shareholder at United Insurance. At present Mr. Osman is the Chairman & Chief Investment Officer at United Insurance, one of the leading Takaful companies in Sudan. He was directly involved in most of the Strategic decisions that have contributed to the highest surplus dividends to policyholders as well as shareholder profits distribution in the company history. Sudan’s Mr. Osman is also directly involved in Islamic finance in both Insurance & Banking and served on the board of the Saudi Sudanese Bank from 2009 – 2016. As a shareholder, Practitioner and speaker of Islamic finance, he has presented papers and held discussions at the London Takaful Summit in 2016, 2017, 2018 & 2019 as well as contributed at the African International Islamic Finance Conference in both Abuja in 2017 and Lagos, in 2019 as well as was part of panels in Nairobi, Kenya and Addis Ababa, Ethiopia in 2020.
United Insurance was founded on the 29th of December, 1968, and started operations on the 26th of January, 1969 making it as of today 53 years old. It started by the vanguard of Sudanese Businessmen at the time in the form of my father Dr. Khalil Osman Mahmoud as well as Mr. Elefteri Contimocholos, Mr. Daud ElKhalifa, Mr. Hamed Humeida, Mr. Charles Kafouri, Mr. Abdelghadir Hag ElSafi, Mr. Hashim El Berier, and Mr. Yahia Abdelrahman El Mahdi and to date it is still represented by their families and heirs.
Insurance in the whole world has not changed in the past 300 years. What we at United Insurance are trying to create is building a 21st-century company, that not only serves Africa but that transforms the insurance landscape regionally. We believe in our unique adoption of Takaful insurance in giving the best value for insurance customers by allowing them seats on the Board of Directors and most importantly by giving them the sole right of distribution of all company surplus (Net profit). We were the first company in the market to apply this system most transparently and fairly possible and believe this is the ‘Disruptor’ Factor that will make us compete in the international insurance arena.
By developing a Strategic Plan that is based on Triple Bottom Line: People – Profit – Planet as well as focusing on applying ‘best practice’, as well as trying to adopt a more conscientious way of doing business. We have been applying the largest growth in our salary and bonus scales for the past three years but have been rewarded with over 100% growth for the past three years in a row making us at present grow into the third- largest company in the market in terms of Market Share but the number one in the level of service and quality. United Insurance Headquarters in Khartoum January 2021 We also truly believe we are going to achieve this target by focusing on the UNSDG‘s goals as well as ESG Factors and in an ‘ethical’ code of conduct in everything we do. We are planning on securing ISO Certification by 2021 and international rating by 2022 to secure our ‘learning and development’ company culture.
We have been awarded the Best Takaful Company in Sudan for 2016, 2017 & 2018 by the International Takaful Summit held in London and for 2019 we were able to win the Best Company In Africa. What we are aiming for in the next 5 years is not only to become the number 1 company in Sudan but to expand to at least 3 other African countries. We will do this by building a company that provides a better, faster, and value-for-money services. We are planning on securing ISO Certification by and an international rating by 2022. We are focused on transforming United Insurance into an innovative, Data- Driven, International Company and preparing to become a publicly-traded company with a market value of no less than $ 100,000,000 by 2025.
We currently have three great real estate Investments. We have invested in our first real estate project in 2007 in our Khartoum Tower, our second Tower was started in 2018 in Obeid and will open this year as well as real estate development in Khartoum started in 2019.
Khartoum Tower
This tower was built in 2007 with an investment of over $ 6,000,000 and now serves as our Headquarters offices which consists of:
• 12 Floors of 3 Offices per floor
• Roof Restaurant
• Training Facility This project was the first of its kind in the world by being the first partnership between Policyholders and Shareholders. It has become a landmark in Takaful industry as a different model of partnership that distinguishes Takaful Insurance.
Obeid Tower
We have invested over $ 2,000,000 in developing the most modern tallest tower in Obeid the capital of Kordofan state. We are very proud of our multi use tower that includes:
• 16 Bedroom Hotel
• 6 Office /Apartments
• Bank of Khartoum has already rented the Ground Floor as VIP Branch
• Scenic roof garden
• Multi Use Conference room
• Meeting Room This Tower has been built with all safety taken in consideration that includes CCTV as well as modern firefighting equipment as well as Data Cable and all infrastructure for ICT requirements.
Miami Project
This is a development real estate project that is being taken from the initial stage of agricultural land that is to be converted in a modern housing project. Located in Khartoum North and on the banks of the Nile this is prime land and a long- term project that will be built on for the next 5 -7 years.
We are focused on developing the best customer care and enhancing our customers’ experience at all levels. Our new products will not only be different but will create more value for our customers as well as cover needs, they didn’t even know they had.
Sudan Business Magazine
