• It’s a remarkable milestone in our journey: Chairman
Jaiz Takaful Insurance Limited, an Islamic insurance company, has shared N152 million among its participants and clients who made no claims on their insurance policies in the 2021 financial year.
The amount was shared with corporate entities and individuals at the second edition of the surplus distribution ceremony held recently at the Shehu Musa Yar’ Adua Centre, Abuja.
Muslim News gathered that under Islamic insurance principle, both the company and its clients share losses and profits (surpluses) at the end of each financial year.
Chairman of Jaiz Takaful Insurance Limited, Hajiya Zainab Abdurrahman, described the occasion as “a remarkable milestone in our journey.”
“We have come a long way since our inception and it is a testament to the dedication and trust our participants have bestowed upon us that we can gather here to distribute a surplus of N152million,” she said.
Jaiz Takaful Insurance, Hajiya Zainab Abdurrahman, said operates on principles deeply rooted in ethics and community.
She said: “It embodies the essence of cooperation and mutual assistance, ensuring that we protect one another in times of need. Our participants place their faith in us and it is our duty to uphold the principles of transparency, fairness and responsibility.
“The surplus we are distributing today is not just a financial transaction; it is a symbol of our commitment to our participants and the values that guide us. It signifies our ability to efficiently manage our resources and deliver on the promise of mutual help and support.
“It underscores the success of our business model and the trust you have placed in us. This surplus distribution of N152 million is a reflection of the collective efforts of our participants and the dedication of our team at Jaiz Takaful Insurance Ltd. It is a celebration of our shared values and our unwavering commitment to serving our clients.”
Also speaking, the Managing Director/CEO of the company, Ibrahim Shehu said the “Event demonstrates one of the unique takaful propositions and proves to be another medal on our chest, being one of the leading takaful operators in the country with a reputation for the highest levels of transparency and disclosure.”
According to Shehu, 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. About half are written on non-family policies.
“Takaful remains the most viable and ethical insurance that offers enormous benefits to all members of the society regardless of race, religion, ethnicity, or social status. Our proven unique value propositions are enticements for our participants. In the course of our sojourn, we have redefined the basis of insurance by delivering excellent services to both our brokers and participants and in the course also expanded the market share,” Shehu said.
Chairman/Chief Executive Officer of National Hajj Commission of Nigeria (NAHCON), Alhaji Zikrullahi Hassan, who chaired the event, described Jaiz as a leading takaful firm in Nigeria.
According to him, Jaiz Takaful provides job opportunities and returns proceeds to participants.
Alhaji Hassan urged Nigerians to key into the Jaiz Takaful product as it guarantees economic stability and avenue for financial inclusion.
The Sarkin Zazzau, Suleja, Dr Muhammad Ibrahim, said “Jaiz Takaful was never part of the beginning of our discussion in the early days of Jaiz establishment but I’m happy with the expansion.”
Dr Ibrahim enjoined the management of the firm to create more awareness among Nigerians and highlight its numerous benefits to economic development.
Former Chairman of Jaiz Bank Plc, Alhaji Umaru Abdul Mutallab, said attaining the feat of Jaiz Takaful was a long struggle. Alhaji Umaru AbdulMutallab added that more lofty initiatives would soon come on board from the Jaiz family.
Jaiz, he said, needs to look for ways to increase profitability and expansion.
According to him, Sukuk was introduced into this country due to Jaiz’s persistence. “Jaiz products are for all Nigerians, not Muslims alone. It’s not about Islamising Nigeria as alleged in the beginning, rather an alternative to conventional banking and financial institutions,” he said.
The event featured lectures from Former Minister of Communications and Digital Economy of Nigeria, Prof Isa Ali Pantami and Managing Director/Chief Executive Officer of One 17 Capital Ltd.
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