The federal government has urged operators of Takaful in the country to form an association that will attract greater awareness to the alternative financial service.
This call was made by Commissioner for Insurance, Mr. Sunday Thomas yesterday in Abuja when Jaiz Takaful shared N152 million surplus to its contributors.
According to Sunday Thomas, the Takaful operators need to come together, form an association and do something about awareness.
“Of course we will do our part as regulators but the operator too has to do his own, now we have the social media and so many other methods of making sure that people are aware. Financial literacy is very important.
“Nobody in schools is teaching financial literacy, so the job falls on the operators to do that, people have to know their income, their savings, their insurance, tax and pension,” Thomas, who was represented by Mr. Ahmed Kollere, said.
Chairman, Jaiz Takaful Insurance, Hajia Zainab Abdurraahman said the “surplus distribution of N152 million is a reflection of the collective efforts of participants and the dedication of the team at Jaiz Takaful Insurance Ltd.
“It is a celebration of our shared values and our unwavering commitment to serving our community.
“As we distribute this surplus, we are not just providing financial benefits; we are reinforcing the bonds of trust and solidarity that underpin our operations,” Abdurraahman said.
It is a reaffirmation of our promise to stand by you in your times of need and to share the benefits of our collective success.
In his address, the Managing Director/Chief Executive Officer of Jaiz Takaful Insurance Ibrahim U. Shehu said “the takaful industry in Nigeria is presently a small but growing one, riding on the growth of Islamic financial services. The latest estimates as of 2022 place total direct Takaful premiums/contributions at approximately N8 billion and about half are written on non-family policies”.
He further explained that “annually we distribute surplus for the previous year, because all businesses taken under a financial year must elapse. This is exactly what we are doing and this is consistent with Jaiz Takaful, we do it and every year the surplus fund keep increasing because of the increased number of participants. Over a thousand participants will benefit from the surplus sharing.
