NAICOM to release new guidelines for takaful insurance

Whatapp News

Abuja –  The National Insurance Commission (NAICOM) said it would soon release new guidelines for the operation of Takaful insurance in the country.

The Commissioner for Insurance (CFI), Mr Mohammed Kari told the News Agency of Nigeria (NAN) that the new guideline would improve the Takaful operations and ease its access.

NAN reports that Takaful is an Islamic insurance based on the Quranic principle of mutual assistance.

It is a non-interest form of insurance adopted to drive insurance penetration in the country and increase the contribution of insurance to the national Gross Domestic product (GDP).

According to Kari, it is one of the specific products targeted at the untapped market of insurance.

“We have issued a guideline on the registration of Takaful insurance company which we fell is not broad enough and the reviewed guideline is going to make it easier.

“ It will also make it broader for companies to be licensed and they will be close to the consumers of the services much better than it was previously stated in the initial guidelines.

“ We have already discussed with the relevant stakeholders in the market and explained to them what we want to do as regards the Takaful.”

The CFI said that unlike before where companies applied to sell the product through windows, NAICOM had received applications for specific licence of Takaful insurance.

“ We have got applications for specific licenses which is so good because earlier companies have always applied to sell these products through windows.

“ Now we have people applying for specific and specialist companies in this areas which is what we need,’’ Kari said.
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NAN recalls that NAICOM inaugurated the Takaful Advisory Council (TAC) on March to advise and guide the commission on all Sharia matters regarding the insurance.

On the expectations for the new economic team, Kari said he expected them to do proper planning on ways to liberate the economy.

He said ,“ We are expecting them to be magicians; we are expecting them to turn things around overnight; we are expecting them to perform some wonders but the reality is far away from what we expect

“The reality includes them having to understand what they have gotten into and planning a way on how to get us out of where we are.”

He lauded efforts of President Buhari in selecting competent hands that would foresee the affairs of the economy and urged stakeholders and Nigerians to support the officials.

“ The president has taken his time; he has selected all the people he wants to select and gladly all of them have been able to pass the confirmation stage without problems.

“ We are now getting up to identify how we will work with them and how we will contribute our own share.

“ And this contribution, we are looking at it as the contribution from the whole of insurance industry because we have a role to play, the commissioner said.(NAN)

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