This underlines the BICL Board's commitment to developing its Takaful business, which sees the insurance needs of any Muslim businessman, or those of other faiths interested in a suite of ethical or socially responsible investment (SRI) products, as structurally the same, albeit via different contractual and underwriting routes.
As such, for the moment, BICL's Takaful operations are not driven by profitability considerations but through building up market, business and product sustainability and financial inclusion.
For now, the Takaful Division of BICL, the sole Takaful operator in the country, has amassed over R100m in contributions in a space of just over two years and Isaac's short-term target is to underwrite R500m of business "to make it sustainable".
BICL has proven insurance market pedigree as the premier, proactive commercial insurance risk specialist in Southern Africa and is part of two recent additions (the other is Bryte Botswana) to the Toronto-based Fairfax Financial Holdings Group in Canada.
What is interesting is that BICL took over where Absa exited the Takaful market in South Africa in 2015 with its Bancatakaful products and services.