‘Create your own association’ NAICOM tells Takaful operators
…Jaiz Takaful shared N152m surplus
By Patience Ikpeme
The National Insurance Commission (NAICOM) has encouraged Takaful operators in Nigeria to increase awareness about Takaful and establish associations to promote financial inclusion and literacy.
The Commissioner for Insurance, Mr. Olorundare Sunday Thomas, delivered this advice during the Jaiz Takaful N152 million 2021 surplus sharing event in Abuja on Thursday.
Mr. Olorundare, represented by Mr. Ahmed Usman Kollere, emphasized the need for Takaful operators to unite, form associations, and take action to create awareness.
He acknowledged that while regulators like NAICOM would fulfill their responsibilities, operators must also utilize social media and other means to ensure people are informed about financial literacy, income, savings, insurance, tax, and pensions.
Hajia Zainab Abdurraahman, Chairman of Jaiz Takaful Insurance, noted during the event that the distribution of the N152 million surplus reflected the collective efforts of participants and the dedication of the Jaiz Takaful Insurance team.
She said that the surplus sharing went beyond financial benefits, strengthening the bonds of trust and solidarity within the Takaful operators while reaffirming their commitment to support the community during times of need and share the rewards of collective success.
The Managing Director/Chief Executive Officer of Jaiz Takaful Insurance, Ibrahim Shehu, remarked that the Takaful industry in Nigeria is growing steadily, driven by the expansion of Islamic financial services. He revealed that the estimated direct Takaful premiums/contributions in 2022 reached approximately N8 billion, with nearly half written on non-family policies.
Shehu also explained that surplus distribution takes place annually and benefits over a thousand participants, with the surplus fund growing each year due to an increasing number of participants.
