Jaiz Takaful Insurance Ltd shared surplus of N230.8m
Notable beneficiaries from the 2022 Surplus Distribution include: FIRS -N15,069,174.01, JAIZ Bank Plc – N3,769,775.35, Zamson Global Resources Ltd – N3,609,160.65, NJI – N3,388,278.22, Activate Technologies Ltd – N2,983,058.01, Sharia Court of Appeal – N2,053,340.22, Value Services Limited – N1,625,039.26, Federal Mortgage Bank – N1,148,368.00, Kessel Properties – N1,026,121.37, Abdulrahman Buhari – N511,167.47.
Jaiz Takaful Insurance Ltd Posts Record N230.8m Surplus in 2022 Amid Economic Challenges
Jaiz Takaful Insurance Ltd has announced a record financial surplus of N230,806,451.75 for the fiscal year ending 2022, reflecting a 51.2% increase from the previous year’s surplus of N152,596,760.88, despite persistent global economic challenges. The announcement was made during a press briefing led by the company’s Chairperson, Hajia Zainab Abdulrahman, and Managing Director/CEO, Ibrahim Usman Shehu, in Abuja.
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The company’s financial success was driven by key segments, notably: General Takaful Operations:N62,380,190.81. Motor Takaful: N60,010,884.38. Family Takaful (Individual & Group):N58,151,531.29. While other sectors, including Agriculture, Marine, and Construction-related policies, did not yield immediate surpluses, their growth potential remains promising as the company expands its customer base and operational reach.
The Chairperson, Hajia Zainab Abdulrahman, attributed the record surplus to Jaiz Takaful’s adherence to Sharia-compliant financial principles, efficient fund management, and the unwavering support of its stakeholders. She reaffirmed the company’s guiding principle of “Sharing and Caring,”emphasizing that surpluses are fairly distributed among policyholders in accordance with Takaful’s ethical and inclusive business model.
We remain committed to serving our participants better while strengthening Nigeria’s Islamic finance ecosystem,” she stated.
“We are determined to set industry standards for transparency, sustainability, and profitability while staying true to our core values,” concluded Hajia Zainab Abdulrahman.
In a separate address, MD/CEO Ibrahim Usman-Shehu detailed Jaiz Takaful’s plans to deepen its Agric Takaful Insurance Model, emphasizing its potential to bolster Nigeria’s agricultural economy. The company offers two unique agricultural insurance products: Area Index Cover: Provides payouts based on weather indicators such as floods, droughts, and other disasters. Index Cover: A broader policy covering diverse farming risks, ensuring prompt compensation during losses.
He cited successful partnerships with state governments in Katsina and Jigawa, where farmers benefitted from timely payouts after devastating floods. Looking ahead, the company aims to partner with the Niger State Government and other financial institutions to expand agricultural insurance coverage.
While acknowledging challenges like forex volatility, inflation, and limited disposable income, Usman-Sheikh maintained that Jaiz Takaful’s strategic underwriting practices and innovative risk management approaches have strengthened its resilience. The company currently serves over 5,000 customersand plans to scale up to 1 million participants by 2030, ensuring broader financial inclusion.
“Our goal is to build a customer-centric, transparent, and socially responsible insurance model that benefits all Nigerians regardless of religious affiliation,” Usman-Sheikh said.
Notable beneficiaries from the 2022 Surplus Distribution include: FIRS – Surplus N15,069,174.01, JAIZ Bank Plc – N3,769,775.35, Zamson Global Resources Ltd – N3,609,160.65, NJI – N3,388,278.22, Activate Technologies Ltd – N2,983,058.01, Sharia Court of Appeal – N2,053,340.22, Value Services Limited – N1,625,039.26, Federal Mortgage Bank – N1,148,368.00, Kessel Properties – N1,026,121.37, Abdulrahman Buhari – N511,167.47
Looking ahead, Jaiz Takaful plans to double its business production to N6 billion in the next fiscal year, backed by increased customer engagement and operational expansion into the private sector. A new regional office in Lagos aims to reduce reliance on government-related insurance contracts, strengthening the company’s operational base.
The event drew notable industry leaders and financial experts, including: Otunba Ladies Owolabi, MD/CEO, Universal Insurance Brokers. Lanre Malik, Virtusso Insurance Brokers. Mr. Ernest Ehedigbo, Agricultural Extension USAID. Prince Soyewo MFR, Chairman, Prestige Insurance Brokers. Engr. Mohammed Alkali, Value Services Limited. Mr. Yusuf Muhammad, Valid Insurance Brokers. Ibrahim Usman, Representative of the Grand Kadi, Sharia Court of Appeal
crime prevention and risk management agencies and service providers.
Jaiz Takaful Insurance Ltd’s remarkable financial performance for 2022 underscores its leadership in Nigeria’s Islamic insurance sector. With ambitious expansion plans, innovative insurance models, and a strong focus on transparency and sustainability, the company is poised for even greater achievements in the coming years.
