In recognition and appreciation of its positive contribution to the insurance sector of the Nigerian economy, Jaiz Takaful Insurance Plc. has been named 2017 Insurance Company of the Year by the foremost Nigerian finance journalists’ body, Finance Correspondents Association of Nigeria (FICAN).
Jaiz Takaful Insurance Plc. was presented with the award on 19th September, 2017 by FICAN at a ceremony marking its "20th Anniversary Public Lecture and Award" held at Top Rank Hotel Galaxy, Abuja.
Describing the honour as an act of encouraging professionalism and excellence in the insurance sector, the Managing Director and Chief Executive Officer (MD/CEO) of the Company, Momodou Musa Joof, said Takaful Insurance has come to stay in Nigerian insurance market with the aim of improving insurance penetration in the country. He said, the system of Takaful or Islamic Insurance as an Alternative to the Conventional System of insurance acts as an additional vehicle for Economic growth.
Takaful operations have great potentials in Nigeria considering the market size and the fact that Takaful is open and available to all irrespective of one's faith. Though first quarter of 2017 marked our start of operation in Nigeria, it is interesting to announce that the company has realized about N20 million in premium income despite we only got our products approval within the quarter.
The System of Takaful as an Insurance service, provides Solidarity in respect of human life or Property of the policyholder known as Participants. They subscribe to assist and indemnify each other in the event the need arises, in addition to mutual assistance, what is new is that at the end of the business year, any profit made under Takaful will be proportionately shared among its Participants and shareholders in relation to the scale of their investment.