Jaiz Takaful Expands Ethical Insurance, Promotes Financial Inclusion at Nigeria Saudi Investment and Tourism Exhibition
By Pan Afric Reporters | Abuja
The Managing Director and Chief Executive Officer of Jaiz Takaful Insurance Limited, Ibrahim, has reaffirmed the company’s commitment to providing ethical, transparent and Sharia-compliant insurance services to all Nigerians, irrespective of religion, ethnicity or background.
Speaking during the Nigeria Southern Exhibition in Abuja, Ibrahim said Jaiz Takaful Insurance offers Nigerians an alternative insurance model that not only provides compensation for insured losses but also rewards customers with a share of underwriting surplus when no claims are made during the policy period.
According to him, the Takaful insurance model is built on fairness, transparency and mutual benefit, making it a unique alternative to conventional insurance.
“Our insurance is a win-win arrangement. If a customer suffers a loss, we pay compensation as expected. But where there is no claim and the company records underwriting surplus, we distribute that surplus back to eligible customers in proportion to their contributions,” he said.
He explained that Takaful insurance is part of the Federal Government’s financial inclusion strategy aimed at expanding access to insurance products while providing Nigerians with more choices in the financial services sector.
According to Ibrahim, Jaiz Takaful has spent more than a decade building confidence in the ethical insurance model, with customer patronage growing steadily alongside the expansion of Nigeria’s non-interest financial services industry.
“We have been in this business for over 10 years, and our numbers have continued to increase. Just as Nigeria now has several non-interest banks, we also have a growing number of Takaful insurance operators providing Nigerians with an alternative to conventional insurance,” he stated.
He noted that the company’s services are open to everyone and are not restricted by religious affiliation, stressing that the misconception linking Takaful exclusively to Islam has remained one of the major challenges confronting operators.
“Because Takaful has Islamic roots, there were initial misconceptions. We have consistently explained that our products are all-inclusive regardless of tribe, religion or colour. Takaful is for everyone. The benefits are tangible, transparent and rewarding,” Ibrahim said.
Despite the early challenges, he said operators have remained resilient while public awareness has continued to improve.
The Jaiz Takaful boss also commended the National Insurance Commission (NAICOM) for supporting the growth of ethical insurance through the licensing of Takaful operators across the country.
He disclosed that collaboration between Takaful companies, conventional insurers and regulators has strengthened significantly over the years.
“Our relationship with stakeholders has been excellent. The regulators have been supportive, conventional insurance operators now understand our model, and together we are working towards creating greater business opportunities for Nigerians and residents alike,” he added.
Ibrahim expressed optimism that the continued growth of Takaful insurance would further align Nigeria with global best practices in ethical finance while deepening insurance penetration and advancing the country’s financial inclusion agenda.
