Jaiz Takaful Reaffirms Commitment to Transparent, Sharia-Compliant Insurance for All Nigerians
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, regardless of religion, ethnicity or background.
Speaking during the Nigeria-Saudi Investment and Tourism Exhibition in Abuja, Ibrahim said Jaiz Takaful Insurance offers Nigerians an alternative insurance model that not only provides compensation for insured losses but also allows eligible policyholders to benefit from underwriting surplus when no claims are made during the policy period.
According to him, the Takaful insurance model is founded on the principles of fairness, transparency and mutual cooperation, making it a compelling alternative to conventional insurance.
“Our insurance is a win-win arrangement. If a customer suffers a loss, we provide compensation as expected. However, where there is no claim and the company records an underwriting surplus, we distribute that surplus to eligible customers in proportion to their contributions,” he said.
He explained that Takaful insurance forms part of the Federal Government’s financial inclusion agenda, which seeks to expand access to insurance products while giving Nigerians more options within the country’s financial services sector.
Ibrahim noted that Jaiz Takaful has spent more than a decade building public confidence in ethical insurance, with customer patronage increasing steadily alongside the growth of Nigeria’s non-interest financial services industry.
“We have been in this business for over 10 years, and our customer base has continued to grow. 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 stressed that Jaiz Takaful’s products are open to everyone and are not limited by religious affiliation, noting that one of the biggest challenges facing the industry has been the misconception that Takaful is exclusively for Muslims.
“Because Takaful has Islamic roots, there were initial misconceptions. We have consistently explained that our products are inclusive, regardless of tribe, religion or colour. Takaful is for everyone. The benefits are tangible, transparent and rewarding,” Ibrahim said.
Despite the initial challenges, he said operators have remained resilient while public awareness and acceptance of ethical insurance continue 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 insurance firms and regulators has strengthened over the years, creating a more robust insurance ecosystem.
“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 expansion of Takaful insurance would further align Nigeria with global best practices in ethical finance, deepen insurance penetration and advance the country’s financial inclusion objectives.
