Ministry of Agriculture and Al Baraka Islamic Insurance Company Sign Agreement to Implement the Pilot Agricultural Insurance Project Funded by the European Union and Implemented by Oxfam and the Palestinian Center

SadaNews - Today, Monday, the Ministry of Agriculture signed a cooperation agreement with Al Baraka Islamic Insurance Company, as part of the "Building Palestinian Agricultural Insurance Systems and Services" project, funded by the European Union and implemented by Oxfam and the Palestinian Economic and Social Development Center, in cooperation with the Palestinian Capital Market Authority. The project aims to launch the first agricultural insurance products in the Palestinian market, designed based on commercial compensation, as a protective tool for farmers against risks, with support of up to 60% of the insurance policy value provided by the Palestinian government and the European Union.

The pilot project in its first phase aims to insure 650 tomato farms in greenhouses with a total area of 975 dunams, and 50 grape farms in open fields with a total area of 150 dunams, in addition to consecutive cycles to insure 35 poultry farms in closed systems. The insurance document has been carefully designed based on scientific foundations and local and international experiences, to ensure the highest possible level of fair and suitable insurance coverage for farmers' needs.
Minister of Agriculture Professor Raziq Salimiyah stated during the signing of the agreement that the launch of agricultural insurance today is a qualitative step towards empowering and protecting farmers against risks, and we are working with all our efforts with our partners to establish this approach as one of the pillars of national food security.

He added, "Global experiences have proven that agricultural insurance is a strategic tool for risk reduction, stimulating investment in agricultural production, and ensuring continuity in the face of crises. From this perspective, our cooperation today with Al Baraka Islamic Insurance Company, in partnership with the European Union, Oxfam, and the Palestinian Economic and Social Development Center over the past three and a half years reflects our deep belief in the importance of integrating efforts between the public and private sectors and international organizations to achieve sustainable agricultural development."

For his part, Engineer Awadallah Ibrahim Awad, Chairman of the Board of Directors of Al Baraka Islamic Insurance Company, confirmed: "At Al Baraka Company, we believe that supporting agriculture is supporting the national economy and food security for Palestine. Our partnership with the Ministry of Agriculture and the funding and implementing bodies reflects our firm commitment to national and social responsibility, and our desire to invest in strategic projects that have direct benefits for citizens, especially in rural and productive areas."

He added, "This agreement represents an important milestone in the company's journey towards providing innovative insurance solutions that support the Palestinian agricultural sector and enhance farmers' resilience against climate and natural challenges. We have worked to design advanced insurance documents based on best international practices, and through this project, we aim to open new horizons for farmers to access comprehensive protection and sustainable financing."
The ministry confirms that the signing of this agreement is a practical step towards strengthening the partnership with the private sector to promote the agricultural insurance market, enhance food security, encourage safe agricultural investment, and facilitate farmers' access to financing and loans, which establishes a culture of prevention and strengthens the resilience of rural agricultural communities.
It is worth noting that Al Baraka Islamic Insurance Company is one of the leading Palestinian companies in providing insurance solutions that comply with Islamic law, and it is also the first company to offer agricultural insurance, through professional teams trained with extensive experience in various fields of insurance. The company operates through 13 branches and offices distributed across various governorates of the homeland, and it relies on major global reinsurance companies for reinsurance, reflecting the strength of its portfolio and the confidence of international partners in it. Additionally, it seeks through its strategic partnerships to develop innovative products that support sustainable development and enhance the resilience of the Palestinian community.