Takaful Workshop: Stakeholders task 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. It remains the most viable and ethical insurance that offers enormous benefits to all members of society regardless of race, religion, ethnicity, or social status.

This was the submission echoed at the Takaful workshop organised by Noor Takaful Insurance Limited on Wednesday, March 16, 2022, 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 whom include an Islamic cleric, Dr Bashir Umar, a former commissioner in NAICOM, Mr Mohammed Kari, Director, International Institute of Islamic Banking and Finance, (IIIBF), Bayero University, Kano, Professor Binta Jibril among others.

Delivering his welcome remarks, the Chairman, Noor Takaful Insurance Limited, Mr 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 is the first in the series of workshops Noor Takaful plans to hold in various cities across the country. And we should be starting that journey in Kano. I am delighted to mention that Noor Takaful was conceived and incubated in Kano in 2015. 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 said.

Also speaking, the Vice-Chairman, Noor Takaful Insurance Limited, Mr 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 need of every social class.

While explaining the concepts of Takaful insurance, he stressed that Takaful operates based on pooling funds together for the sake of brotherhood.

Commenting at the workshop, Islamic cleric Dr Bashir Umar stated that it is gratifying to note that Noor Takaful Insurance Limited is taking up the challenge to promote Takaful. This underscores the commitment to promote ethical insurance in Nigeria.

According to Umar, there is no longer any justification for Muslims, in particular, to subscribe to conventional insurance products since there are products that are now Sharia-compliant.

Also speaking, Deputy Director, International Institute of Islamic Banking and Finance, Bayero University, Kano, Dr 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 emphasize 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”, he said.

In her remarks, Director, Institute of Islamic Banking and Finance (IIBF), Bayero University, Kano, Prof. 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.

Jibril explained further that over the years, the people of the Northern region have remained sceptical about the issue of insurance since it contradicts the principle of the Islamic religion.

“In the past, people have been sceptical about the issue of insurance on the ground that they do not know what their money would be used for. An average northerner is concerned whether his investment or fund will be used in line with the doctrines and dictates of the Quran”, she said.

While commending the company’s management for bringing such opportunities to the North, she urged men and women to take advantage by subscribing to any of the policies available.

“Though financial literacy is still very low, this introduction is a welcome development and timely intervention because what we need as people on insurance is sensitization”.

Also speaking, Managing Director, Noor Takaful Insurance Limited, Rilwan Sunmonu, advised Nigerians to tap into the benefits Noor Takaful Insurance Limited offers by subscribing to its various offerings.

ABOUT NOOR TAKAFUL

Noor Takaful Insurance Ltd, a takaful insurance firm, was established and duly licensed by NAICOM in April 2016 as the first full-fledge composite takaful insurance operator in Nigeria with a 100 per cent indigenous Nigerian shareholding. The company currently plays the pioneering and leading role in unlocking takaful insurance potential for Nigeria. Its operational framework is regulated by NAICOM and is also subject to the Insurance Act 2003.