Nigerian’s investing public have been encouraged to bolster their knowledge on Islamic economy, so as to enable them leverage on the huge investment opportunities available in Islamic insurance instruments.
Tapping into the opportunities in Takaful (ethical) Insurance Products, in particular, is said to be one of the most ethical, and risk-free ways of growing one’s investment portfolios, at the moment, in the country.
Musbahu Bashir, chairman, Board of Directors, Salam Takaful Insurance Company Limited, Nigeria`s pioneer ethical insurance company, stated this, recently in Kano, during an event organised by the company to distribute surplus money generated in the 2022 operational year by the company to insurance policyholders.
Over 200 corporate, and individuals in the public and private sectors, that subscribed to the Takaful insurance products of the company were paid various sums of monies, as return on their investment at the ceremony.
Some of the institutions that benefitted from the millions of Naria surplus distributed at the event, includes, Independent National Electoral Commission, A.A. Rano, Malcommies Minor Limited, Kano Housing Corporation, TAJ Bank, Lotus Bank, among others.
The event which attracted a large collection of stakeholders from the insurance sector, including the representative of Nigerian Council of Registered Insurance Brokers, also have the representative of, Muhammadu Sanusi, Emir of Kano, as well as, District Head of Shankara, in Jigawa State, in attendance.
Bashir said that the principle of distribution surplus money generated after an operational year, was a permissible way in Islam of rewarding of members of the investing public that contributed in the finance of products in any Islamic Insurance company.
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He noted that this year event was the first to be organised by the company and it was specifically designed to reward policyholders (investors) that contributed money in financing the various Takaful products offered by the company.
According to him, the company was able to generate surplus on these products in the year under review, as a result of the growing confidence that ethical insurance products are attracting in Nigerian insurance market.
He expressed delight that individuals and groups that contributed to the finance of the products cut across faith, and cultural divide which was an indication of the growing acceptance of ethical products in Nigerian insurance market.
In his welcome remarks earlier, Sabiu Abubakar, managing director of the company, disclosed that the company which commenced operations in 2016, in Kano, current offers a wide a range of products, ethical products, such as: Salam Group Tuition Products, Credit Takaful, Group Family Takaful, Mortgage Takaful, and Term Assurance.
He said that the company also offers other products, which includes: Fire and Special Perils, All Risk Takaful, Marine Cargo insurance, Money in Transit Takaful, Motor Third Party Homeowners Takaful, and Motor Comprehensive insurance.
In addition, Abubakar noted that the company also offers products that ranges, from, Multi-Peril Crop Insurance, and Livestock, which farmers in the country can used to reduce the risk associated with farming operations.
Providing insights into the operations of Islamic insurance policy, the managing director explained that “Takaful is an Arab word which translate into coming together. In this context policyholders come together to contribute money to our company to finance the various ethical products that we are offering to the market.
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