The Muslim Rights Concern (MURIC) has urged the National Insurance Commission (NAICOM) to immediately rescind a recent policy directive banning co-insurance arrangements between conventional insurance companies and Islamic (Takaful) insurance providers.
In a press statement issued on Tuesday and signed by its Executive Director, Professor Ishaq Akintola, the faith-based advocacy group described the NAICOM circular as discriminatory, unconstitutional, and detrimental to religious harmony in Nigeria.
The circular, referenced NAICOM/I&R/CIR/69/2025 and dated August 19, 2025, titled “Prohibition of Coinsurance Arrangements Between Takaful Companies and Conventional Insurance Companies”, prohibited conventional insurers from jointly underwriting risks or engaging in shared insurance policies with Takaful providers.
MURIC criticized the directive as a direct assault on the economic rights of Nigerian Muslims and warned that the policy could alienate a significant segment of the population from the formal insurance sector.
“This circular is archaic, myopic and parochial. It targets the operations of Islamic insurance (Takaful) companies and threatens religious tolerance and peaceful coexistence in Nigeria,” the statement read.
Citing Section 14(4) of the 1999 Constitution, MURIC argued that NAICOM’s decision contravenes constitutional provisions that require federal institutions to reflect the country’s diversity and promote inclusivity.
“NAICOM’s circular smacks of religious discrimination and ‘insurance apartheid’. It is a violation of the Allah-given rights of Nigerian Muslims and represents a dangerous drift towards exclusivism in the financial sector,” Akintola stated.
MURIC further warned that the policy could have wider economic implications, including a possible boycott of conventional insurance services by Muslim clients and increased calls for self-determination in the insurance space.
“What happens if Nigerian Muslims withdraw from conventional insurance companies? This policy may inadvertently stir unrest in an otherwise peaceful sector,” the group warned.
Describing the circular as lacking in strategic foresight and emotional intelligence, MURIC called for its immediate and unconditional withdrawal, emphasizing that regulatory decisions must be guided by principles of fairness, equity, and national cohesion.
Industry stakeholders and religious organizations are expected to weigh in as reactions to the directive continue to mount, especially given the growing prominence of Takaful insurance in Nigeria’s financial ecosystem.
