Jaiz Takaful has expressed readiness to commence Islamic ‘Takaful’ Insurance in Kaduna, Kano, and Lagos States with head office in Abuja. This was disclosed by the Chairman, Jaiz Takaful Insurance Plc, Dr Umaru Abdul Mutallab, during final preparation by the Foundation, which held one- week induction training for staff of the organisation that will be deployed to the states to commence its pilot operation.
Mutallab who also doubles as Chairman, Jaiz Bank Plc, said should take advantage of the new insurance concept. He further explained that the insurance products give equal opportunity for customers to be owners of the company as well and was for everybody. He said: “The name Islamic notwithstanding, it is for all Nigerians, provided they adhere to the principle of Sharia. Individuals, groups and business people should take advantage of this rare opportunity. The premium you pay remains there for you as investment, if it do not suffer loss.” Also speaking on the operation of the insurance policy of Jaiz Takaful, the Managing Director, Jaiz Islamic Takaful Insurance, Momodou Musa Joof, said the company shares profit by 80 per cent to its participants who have not suffered losses. According to Joof, the staff that were being trained will be deployed to states to sell Islamic Takaful Insurance support to potential customers.
“They have been into conventional insurance but now we are introducing Takaful or Islamic Insurance, which is basically Sharia compliant. “It insures anything that is ethical and at the end of the year, the profit that the company generates, 80 per cent of it will be distributed to the clients or participants who did not suffer losses in the cause of the year. “In the meantime, those who suffer losses would have been paid first before the distribution of profit.
The element which goes to the needy, which is called Zakat is also distributed before profit is shared. “Takaful is coming as a scheme for all and the good thing in Takaful is that, if you don’t suffer loss, your contribution become an automatic investment. For the less privileged who don’t have what to insure, if the company is successful in business, one day we will reach out to you in zakat.” Dignitaries at the occasion include the Vice Chancellor, Ibrahim Badamosi Babangida University, Lapai, Niger State, Prof Muhammed Nasirudeen Maiturare, who is also a member of the advisory council.