‘Why Takaful remains best insurance model’

Insurance stakeholders drawn from the private sector and the academia have advised Nigerians, including business owners, to subscribe to Takaful insurance, describing it as the best insurance model. According to them, Takaful remains the only ethical insurance that offers enormous benefits to all members of the society. This was the submission echoed at the Takaful […]

Insurance stakeholders drawn from the private sector and the academia have advised Nigerians, including business owners, to subscribe to Takaful insurance, describing it as the best insurance model.

According to them, Takaful remains the only ethical insurance that offers enormous benefits to all members of the society.

This was the submission echoed at the Takaful workshop organised by Noor Takaful Insurance Limited in Oyo State.

Chairman of Noor Takaful, Mr Muhtar Bakare, explained that the Takaful model, which operates on the Sharia principles of empathy and fairness, offers an affordable window of inclusion to millions of Nigerians who have hitherto been excluded from the formal financial sectors of the economy.

Chairman, Oyo State Muslim Community, Alhaji Kunle Sanni, represented by Barrister Rasheed Attah, explained that the Takaful model remains the best insurance option for Nigerians as it is guided and regulated by ethics, equity and fairness as well as being regulated by the National Insurance Commission (NAICOM).

Also speaking, the Vice-Chairman, Noor Takaful Insurance Limited, Mr Aminu Tukur, stated that the company would continue to drive massive awareness for Takaful to the extent that it becomes widely acceptable among Nigerians including non-Muslims.

Managing Director of Noor Takaful, Rilwan Sunmonu dismissed the notion that Takaful was only available for Muslims, adding that its recent record revealed that over 35% of participants on board are non-Muslims.