Stakeholders urge Nigerians to embrace Takaful insurance to reap huge benefits

Academic scholars and practitioners in the insurance industry have tasked Nigerians, including business owners, to consider embracing Takaful insurance.

This was the submission echoed at the Takaful workshop organised by Noor Takaful Insurance Limited held recently in Kano.

The event themed “Takaful insurance in an increasingly unstable and insecure world” featured renowned scholars in both the academia and the industry, some of which include an Islamic cleric, Bashir Umar, a former commissioner in NAICOM, Mohammed Kari, Director, International Institute of Islamic Banking and Finance, (IIIBF), Bayero University, Kano, Binta Jibril among others.

Delivering his welcome remarks, the Chairman, Noor Takaful Insurance Limited, Muhtar Bakare, noted that the workshop is one of the numerous ways the company intends to engage the populace and create much-needed awareness about Takaful insurance.

“This workshop intends to allow us to hear from Islamic and academic scholars how Takaful can help support businesses and communities in a rapidly changing, challenging world. Our roadshow will continue to engage with the people in different locations over the next few days,” Bakare added.

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Also speaking, the Vice-Chairman, Noor Takaful Insurance Limited, Aminu Tukur, stated that the company is delighted to reintroduce Takaful insurance to the Kano market, having started the journey from the ancient city.

Tukur further stated that the company remains committed to promoting financial inclusion through Takaful insurance by offering products that meet the needs of every social class.

Also speaking, Deputy Director, International Institute of Islamic Banking and Finance, Bayero University, Kano, Warshu Rabiu stated that though Takaful insurance is still in its infancy when compared with conventional insurance, the industry has witnessed a tremendous rise has reached a global market size of $22m within a short period.

Rabiu noted that with the roadshow being embarked upon by Noor Takaful, he is optimistic that Nigeria would become a key player in the industry in no distant future.

He stated that there was the need for Nigerians to subscribe to it given that it operates on Sharia principles which emphasise the values of mutual help and brotherhood.

“I must commend Noor Takaful for embarking on this sensitization as this helps to put Nigeria on the global map when it comes to sharia-compliant insurance. He said that payment of surplus and promptness in claims payment remains the greatest way to penetrate the market,” Rabiu said.

In her remarks, Director, Institute of Islamic Banking and Finance (IIBF), Bayero University, Kano, Binta Jibril noted that there was no better time to educate Nigerians, most especially the Northern part of the country, on the benefits of Takaful insurance other than now as this would help to correct the erroneous belief that all kinds of insurance were un-Islamic.

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