Sakeholders advise Nigerians to subscribe to Takaful insurance

Insurance stakeholders drawn from the private sector and the academia have advised Nigerians, including business owners, to subscribe to Takaful insurance as it remains the only ethical insurance that offers enormous benefits to all members of society.

This was the submission echoed at the Takaful workshop organized by Noor Takaful Insurance Limited on Wednesday, September 28, 2022, in Ibadan, Oyo State.

The event themed: “Takaful: The Next Frontier For Insurance”, featured a panel session involving scholars, businessmen, religious leaders, as well practitioners in the industry, some of which include the Chief Imam of Oluyole Central Mosque, Alhaji Mudasir Bada; Chairman, Oyo State Muslim Community, Alhaji Kunle Sanni; Chairman, Vanguard Pharmacy Limited, Alhaji Taofiq Odukoya; Rector, College of Insurance and Financial Management (CIFM), Dr Yeside Abiodun Oyetayo and Chief Operating Officer, Citiserve Limited, Dr Jubril Salaudeen, who moderated the session.

Delivering his welcome remarks, the Chairman, Noor Takaful Insurance Limited, Mr Muhtar Bakare, noted that the workshop was organized to deliberate on the role Takaful Insurance can play in managing the increasing level of uncertainties in the world by providing support when necessary and promoting collaboration and equity for the people.

He explained further 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.

“The Alternative Finance sector of which Takaful Insurance is a major sub-sector presents credible routes to stability through alternative models of economic management and alternative models of delivery of financial services to create more sustainable, more equitable and more inclusive growth”, he said.

In his keynote remarks, the 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 is excited to bring Takaful insurance to Ibadan, saying that it would continue to drive massive awareness for Takaful to the extent that it becomes widely acceptable among Nigerians including non-Muslims.

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