Jaiz trains Abuja Imams on Takaful insurance

Jaiz Takaful Insurance Plc has trained Imams of Jumaat mosques in Abuja on the concept of Takaful, a sharia compliant alternative to conventional insurance.  Takaful is a type of Islamic insurance, where members contribute money into a pool system in order to guarantee each other against loss or damage.  The company’s chairman, Alhaji Umaru Abdul […]

Jaiz Takaful Insurance Plc has trained Imams of Jumaat mosques in Abuja on the concept of Takaful, a sharia compliant alternative to conventional insurance.  Takaful is a type of Islamic insurance, where members contribute money into a pool system in order to guarantee each other against loss or damage. 

The company’s chairman, Alhaji Umaru Abdul Mutallab, said the event was organised to brief the Imams on the concept of Takaful as they play a fundamental role in shaping the perception of the Muslim populace towards important issues.

The seminar, he said, was part of efforts to deepening insurance penetration in Nigeria and creating awareness on Takaful as another reliable vehicle for shared economic prosperity.

The Managing Director/CEO of Jaiz Takaful Insurance, Momodou Musa Joof, said the low insurance penetration rate in Nigeria was due partly to the resistance of Muslims to embrace conventional insurance “since the practice is averse to their faith via gambling, uncertainty and usury.”

He said Jaiz introduced Takaful insurance to address the outcry of the consumers of conventional insurance who, he said, “paid money for insurance but they are not getting their money’s worth in return especially if they do not suffer any loss-a practice that is against Islamic principle of transaction.” Joof therefore solicited the clerics’ support towards educating the Nigerian Muslims on the need to insure their insurable risks through Takaful, which he said, is opened to all irrespective of faith.