Noor Takaful, the pioneer composite Takaful Insurance firm in Nigeria, for the third year in a row, has announced the distribution of surplus (cashback) payment worth over thirty-six million Naira to participants (policyholders) who did not make claims, in line with its commitment to promoting ethical insurance in Nigeria.
A total of 621 participants including individuals, private and public organizations, banks and higher institutions of learning, would receive this surplus payment. The list of customers to receive surplus include Bua Group, Engee Pet Manufacturing Limited, Kano Agric Supply, JAMB, Modibbo Adama University – Yola, Sterling Bank and Jaiz Bank. Engee Pet Manufacturing will receive one of the highest amount worth N1.13 million.
The company has also announced the launch of a new product targeted at serving the varying insurance needs of its customers most especially in the retail market.
The surplus payment which comes as a result of the Win-Win model of insurance operated by Noor takaful – an indigenous insurance company licensed by the National Insurance Commission in 2016 thrives on the pool of funds provided by the participants. Takaful is the non-Interest finance insurance that seeks to serve a large market of uninsured Nigerians spread across different parts of the country.
Delivering his keynote address at the event on Wednesday, August 18, 2021, in Lagos, His Highness, Khalifa, Muhammadu Sanusi II, described the distribution of surplus as a landmark achievement not only for the company but Nigeria’s financial sector given that it represents the growth trajectory of Islamic finance in Nigeria.
While congratulating the company and its participants, Sanusi explained that Takaful insurance as a financial model remains an alternative and complementary system of financial intermediation for the benefit of Nigerians.
“The concept and practice of the distribution of surplus by Noor Takaful is an added value proposition which is non-existent in conventional insurance, thus making Takaful very advantageous to its patronizers. You don’t have to be a Muslim to operate Takaful. It is an alternative to conventional insurance which complements all classes of clients without discrimination. The realization of the surplus distribution is a testament to the success in its underwriting activities.” he added.
In his welcome remarks, the Chairman, Board of Directors, Noor Takaful Insurance Limited, Muhtar Bakare described the surplus distribution extended to participants as a significant milestone for the company noting that this gesture has contributed immensely to unlocking the value in ethically compliance insurance both for individuals and corporate organisations in Nigeria.
While applauding the regulator, partners as well as participants for their support and understanding, Bakare assured them that the company would continue to take all the necessary steps to meet all of its obligations and commitments to clients and other stakeholders.
“We assure you that we shall carry that burden of trust with probity, diligence and good faith. Noor Takaful will continue to provide innovation and leadership in the takaful industry in Nigeria whilst maintaining high, ethical and professional standards,” he added.
In his remarks, Vice Chairman, Noor Takaful Insurance Limited, Aminu Tukur stated that the distribution of surplus to policyholders has continued to boost interest for the Takaful Insurance market with participants growing daily. Tukur noted that the company remains committed to being at the forefront of providing personalized ethical insurance that offers tangible value to customers. He further mentioned that the company will continue to make innovations in the insurance industry
A total amount of N1billion has, so far, been paid in claims to policyholders since inception.
About Noor Takaful
Noor Takaful Insurance Ltd, a takaful insurance firm, which was established and duly licensed by NAICOM in April 2016 as the first full-fledge composite takaful insurance operator in Nigeria with a 100 per cent indigenous Nigerian shareholding. The company currently plays the pioneering and leading role in unlocking takaful insurance potential for Nigeria. Its operational framework is regulated by NAICOM and is also subject to the provisions of the Insurance Act 2003.
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