Is Takaful Insurance still relevant in Nigeria?

Taking the huge awareness that brought about the existence of Takaful Insurance inton Nigeria, it is evident to note that many Insurance Companies that ventured narrowly into this investment are not really gaining much recognition duue to their lack of creating the much needed publicity and NAICOM’s body language to the development and awareness of the Islamic Insurance which has not been impressive.
However, renewed efforts are been taken by the Regulatory Body to improve its popularity among Nigerians which can be found below……

The National Insurance Commission (NAICOM) Thursday advocated the need for Nigerians to adopt Takaful insurance practice due to the inherent benefits.

Commissioner for  Insurance, Mohammed Kari, spoke in Lagos at  a symposium by Noor Takaful Plc ,where he said in addition to the normal benefits of insurance protection, Takaful offers other benefits to consumer and it is an inclusive product or service that anyone can buy regardless of faith, culture or region.

He added that  many Nigerians were completely ignorant of operation of Takaful insurance and emphasized  the need for rigorous industry wide sensitization and training on the practice.

‘’The growth of Takaful business in Nigeria requires highly trained personnel to drive its operations forward.  Building both human and financial capital within our jurisdiction is a key success factor for achieving the country’s objective of becoming the hub of insurance and Takaful in Africa.

‘’If we can maintain the tempos of organizing training programme such as this symposium, then we can be assured of propelling the growth of our industry at the same time achieving the above stated objective’’,he added.

Speaking,Managing Director of   Takaful Insurance,Wan Zomri Wan Ismail,said  the company sourced for critical skills and expertise in Takaful operations through First International Consulting(FIC) in Malaysia.

According to him,the company’s products  would apply the Shariah principles and practices of Tabarru(donation),Al Mudharabah(profit sharing) and Al Wakalah Bil Ujrah(agency with fees) and Jualah(performance fee).

A director of the company,Dato Mohammed Fadzli Yusof,emphasized the need  for critical partnership with the regulators and other stakeholders in order to grow the operation of Takaful insurance in the company.


Source: Daily Trust