T & T Friendly Society Enters Home Construction Market

(Photo: Seated from left- Manwar Ali, President of Takaaful T&T; Farouk Khan, Trustee and Shazam Mohammed, Building Contractor. Standing from left- Adeeb Ali, Assistant Manager Takaaful T&T and Eng. Sharaz Hosein, Project Manager)

Takaaful T&T, a registered Friendly Society is entering the home construction market.  “After twenty years of continuous growth, our Society has finally entered the Home Construction business,” said Manwar Ali, President of Takaaful T&T. The Society has an active membership of just over sixteen hundred members of the Trinidad and Tobago Muslim Community.  Takaaful manages  TT$25,000,000 in assets.   A signing ceremony was held for the initial contract to build a three-bedroom house on 5,733 square feet (532.6 square meters) of land in Sangre Grande, the largest town in northeastern Trinidad.

Registered in 1999, the core business of the Society is the management of a micro-insurance scheme, investment funds, charitable trust, and events.

In 2008, the Society entered the real estate market and in 2017 it diversified the real estate portfolio to include rentals by acquiring a four-apartment residential building.

Speaking at the signing ceremony on December 23rd at the Offices of the Society at TML Centre, St. Joseph, Ali added that, “After months of preparation, design, and approval of building plans, preparation of a Design description baseline, project costs baseline, scope of works and construction contract; the Society is now poised to begin this project in January 2020. The expected completion date is June 30th, 2020 .”