Full Speech: Crown Takaful MD Nasir Abubakar Song at First Surplus-Sharing Ceremony
The company’s Managing Director says Crown Takaful has grown gross contributions to more than ₦2.8 billion since commencing operations in 2024 and is positioning itself for a new phase of expansion driven by technology, financial inclusion and customer-focused Takaful products.
By Abdullahi Yusuf
Crown Takaful Insurance Limited on Tuesday used its inaugural Surplus-Sharing Ceremony to outline its vision for the future, with its Managing Director and Chief Executive Officer, Mallam Nasir Abubakar Song, describing the company’s first surplus distribution as the foundation for a broader expansion of Shari’ah-compliant insurance in Nigeria.
Addressing insurance regulators, Islamic scholars, non-interest finance experts, industry leaders, participants and other guests at the ceremony in Abuja, Song reviewed Crown Takaful’s performance since commencing operations in 2024, reflected on its first surplus distribution and outlined the company’s strategy for expanding Takaful products, strengthening technology and deepening financial inclusion.
Below is the full text of his address:
Speech by the Managing Director, Crown Takaful Insurance, on the Company’s First Surplus Distribution
Protocols
The Chairman of the Occasion, Professor Bashir Aliyu Umar, President of the Supreme Council for Shariah in Nigeria;
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin;
Our Guest Speakers:
- Alhaji Mohammed Kari, Wazirin Bauchi (Former Commissioner for Insurance)
- Director-General, Nigerian Insurers Association (NIA)
- Prof. Adam Muhammad Abubakar, Professor of Islamic Banking and Finance
- Managing Director, IFING Media
Members of the Board of Directors of Crown Takaful Insurance; Members of the Advisory Committee of Experts (ACE); Former Director-General, Council of Legal Education, Professor Isa Chiroma (Chiroma of Mubi); Managing Directors of Takaful Operators; All Special Guests; Participants; Distinguished Ladies and Gentlemen.
Assalamu Alaikum Warahmatullahi Wabarakatuh.
Let me on behalf of the Board, Management and of Crown Takaful welcome you to this historic Surplus distribution ceremony.
Today marks a significant milestone in the journey of Crown Takaful Insurance as we celebrate our first surplus distribution since commencing operations in 2024. This achievement is more than a financial success; it is a validation of the Takaful model, the trust of our participants, and the dedication of our Board, management, staff, and stakeholders.
I begin by expressing gratitude to Almighty Allah for His guidance and blessings. I also extend sincere appreciation to our regulators, Board of Directors, participants, business partners, shareholders, and employees whose support and commitment have made this achievement possible.
When Crown Takaful commenced operations in 2024, our vision was clear: to provide ethical, transparent, and inclusive insurance solutions founded on the principles of mutual cooperation, shared responsibility, and fairness. While the journey has not been without challenges, we remained confident that there was a growing need for accessible Takaful solutions in Nigeria.
In a relatively short period, we have made commendable progress. Our Gross Contribution income has grown from approximately ₦1.9 billion to over ₦2.8 billion, reflecting increasing market acceptance, customer confidence, and the effectiveness of our business strategy. We have also expanded our workforce, attracting talented professionals who share our commitment to excellence and service.
Beyond financial growth, we have strengthened our brand presence nationwide through strategic partnerships, targeted awareness campaigns, digital engagement, and community outreach initiatives. Today, Crown Takaful is increasingly recognized as a trusted provider of ethical insurance solutions.
Most importantly, today’s surplus distribution demonstrates the practical value of the Takaful system. It reflects prudent underwriting, sound risk management, and our unwavering commitment to transparency and fairness. It also underscores the principle that participants share collectively in the success of the Takaful fund.
The total distributable surplus for the year 2024 is N100,997,597.09 across three lines of business.
Fire N53,921,884.80
Motor N30,482,754.29
Family N16,593,120.00
Ladies and Gentlemen,
While we celebrate this achievement, our focus remains firmly on the future. Our aspiration is to position Crown Takaful among the leading Takaful operators in Nigeria and a respected reference point for ethical insurance solutions across Africa.
To achieve this, we are pursuing several strategic priorities.
First, we will continue expanding our product offerings to meet the diverse and evolving needs of Nigerians. We see significant opportunities in retail Takaful, family Takaful, SME-focused products, agricultural protection, and micro-Takaful solutions that promote broader financial inclusion. Our goal is to provide products that are simple, affordable, accessible, and relevant to everyday needs.
Second, technology remains central to our growth strategy. We are building a technology-enabled organization that delivers speed, efficiency, transparency, and an enhanced customer experience. As part of this commitment, we are implementing a cloud-first strategy that supports innovation, strengthens operational resilience, and enables us to respond more effectively to market demands.
We are equally committed to protecting customer information. Accordingly, we continue to strengthen our data protection and cybersecurity framework through investments in governance, compliance, risk management, and information security. Maintaining the confidence of our customers remains a top priority.
Another important area of focus is customer-centric innovation. In our quest to deepen financial inclusion, we are making our products and communications more customer friendly by translating key customer materials into local languages. We believe that speaking the language of our customers enhances understanding, strengthens trust, deepens penetration, and broadens access to insurance protection.
As we look ahead, we envision Crown Takaful as a leading Takaful brand in Nigeria, a technology-driven insurer recognized for operational excellence, a trusted partner for financial protection and inclusion, and an institution known for strong governance, ethical business practices, and sustainable value creation.
Distinguished Guests,
Today’s surplus distribution is not the destination but an important milestone in a much bigger journey. On behalf of the Board and Management of Crown Takaful Insurance, I thank you for your confidence, partnership, and support. We look forward to building a stronger institution and achieving greater milestones together in the years ahead.
May Almighty Allah continue to bless our efforts and guide us toward greater success.
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