Jaiz Takaful Insurance Limited has reaffirmed its commitment to providing ethical, transparent and Sharia-compliant insurance services to all Nigerians, regardless of religion, ethnicity or background.
Speaking at the Nigeria-Saudi Investment and Tourism Exhibition in Abuja, the Managing Director and Chief Executive Officer of Jaiz Takaful Insurance Limited, Ibrahim, said the company offered an alternative insurance model that not only compensates policyholders for insured losses but also allows eligible customers to share in underwriting surplus when no claims are made during the policy period.
He explained that the Takaful model is built on the principles of fairness, transparency and mutual cooperation, making it a viable alternative to conventional insurance.
According to him, customers benefit in two ways: they receive compensation when covered losses occur, while those who make no claims during the policy year may receive a share of any underwriting surplus generated by the company.
Ibrahim said the Takaful model aligned with the Federal Government’s financial inclusion agenda by expanding access to insurance products and providing Nigerians with more options within the country’s financial services sector.
He noted that Jaiz Takaful has spent over a decade building public confidence in ethical insurance, with its customer base growing steadily alongside Nigeria’s expanding non-interest financial services industry.
Addressing misconceptions about Takaful insurance, Ibrahim stressed that the products are open to everyone and are not restricted to Muslims despite their Islamic foundation.
“Takaful is for everyone. Our products are inclusive regardless of tribe, religion or colour. The benefits are transparent, rewarding and accessible to all Nigerians,” he said.
He acknowledged that public awareness was initially low due to misconceptions but expressed optimism that increasing education and acceptance are driving the sector’s growth.
The Jaiz Takaful CEO also commended the National Insurance Commission (NAICOM) for supporting the expansion of ethical insurance through the licensing of Takaful operators across the country.
He added that collaboration among Takaful operators, conventional insurance companies and regulators has strengthened over the years, creating a more robust insurance ecosystem and expanding opportunities for businesses and consumers.
Ibrahim expressed confidence that the continued growth of Takaful insurance would deepen insurance penetration, promote ethical finance and further advance Nigeria’s financial inclusion objectives.
