Jaiz Takaful Insurance Participants Get N152m Surplus Payout

Jaiz Takaful Insurance Limited, an Islamic insurance company, has shared among its participants and clients N152 million who did no make any claims on their insurance policies in the 2021 financial year. The surplus sharing was announced at the company’s 2021 surplus sharing & broker’s/participants forum in Abuja. Under Islamic insurance principle, both the company […]

Jaiz Takaful Insurance Limited, an Islamic insurance company, has shared among its participants and clients N152 million who did no make any claims on their insurance policies in the 2021 financial year.

The surplus sharing was announced at the company’s 2021 surplus sharing & broker’s/participants forum in Abuja.

Under Islamic insurance principle, both the company and its client share losses and profits (surpluses) at the end of each financial year.

Speaking at the event the Managing director/CEO of Jaiz Takaful Insurance Limited, Ibrahim Shehu, said the “event demonstrates one of the unique Takaful propositions and proves to be another medal on our chest, being one of the leading Takaful operators in the country with a reputation for the highest levels of transparency and disclosure.”

The corporate participants that got the surpluses include; Jaiz Bank (N18,115,394.97) Abuja, Federal Inland Revenue Service (FIRS) Abuja, (N11,361,369.75), Albabello Trading Company Kaduna,( N5,499,589.63), AMASCO International Limited, Kano (N N932,160.10) and Redstar Oil & Gas Limited Lagos (N725,699.36).

The individual participants that got surpluses include; Yusuf Olaolu Ali (SAN) who got N1,206,910.52, Ahmed Musa who got 712,640.54, Adebola Sheidu who got N423,188.11 and Seriki Qassim Olaonipekun who got N42,868.36.

The distribution of surplus and profits to each participant takes into consideration Shariah considerations, equity among participants, as well as the practicality of the distribution defined by Jaiz Takaful’s surplus management policy, approved by its advisory council of experts and the regulator, the National Insurance Commission (NAICOM).

The surplus is the net balance in a common pool usually shared among participants after the settlement of claims, adjusters’ report, accident engineers and all other claims are paid to those who suffered losses.