Jaiz Takaful Held Brokers/Participants Forum

By Fatih Lawal-Garu

Jaiz Takaful Insurance Limited, a Sharī’ah compliant insurance company organizes a Brokers/Participant Forum in Abuja on July 18th, 2024 to sensitize the public on economic opportunities embedded in Takaful.

While delivering his keynote address at the event which comprised the crème de la crème of the insurance industry, Mr Ibrahim Shehu, the Managing Director of Jaiz Takaful noted that Takaful operations is mainly to indemnify the insurer after risk by returning him to his former position in case of loss. He also dispelled misconceptions that Takaful is simply restricted to micro businesses unlike insurance; while in fact it can take on any enterprise irrespective of how large.

Further more, Ibrahim added that conventional insurance has fallen short of Sharī’ah regulations because of Gharar (Uncertainty), Maysir (Gambling) and interest. He assured that Takaful will take care of the needs of people who are trying to be compliant with Sharī’ah in their financial affairs. He advised brokers to discard all underlying sentiments and embrace the Takaful model of insurance.

The CEO of Jaiz Charity and Development Foundation, Dr Abdullahi Shuaib advised brokers to “stand on the tripods that drives businesses” which he called the 3S Solidarity, Synergy and Sustainability. While noting that Takaful investments is still less than 5% in Nigeria, he appealed to them to embrace it.

“It is for everyone, even non-Nigerians. It is a win-win affair for everyone. Everyone wants a plan B to rely on in case of risk. And Takaful has not in anyway taken away the broker’s share,” He said.

Alh Salami Muhammad on his part expressed delight that people are seeing the values embedded in Takaful operations. He observed that shareholders are the only beneficiaries in the conventional insurance market. He also noted that the Nigerian Pension Scheme has improved due to divergence into Islamic insurance.

Mr Nwafor, the Managing Director of Crystal & Diamond Insurance Brokers Limited dismissed all insinuations that Takaful is exclusively for Muslims. “Money does not have tribe or religion,” He said.

Jaiz Takaful has developed a reputation for being prompt and fast in the settlement of claims. Its turnaround time for claim settlement has never exceeded 24 hours after the discharge voucher has been executed. It offers unique and tailor-made General, Family (Life), and Agric Takaful products and services that are embedded with value-added pricing.