By Habibat Aliu
Stakeholders in the private sector of the economy have urged Nigerians, especially, business owners in the country to subscribe to Takaful insurance products to address unforeseen risks in their business operations.
The stakeholders, who spoke in an event themed: “Takaful: The Next Frontier For Insurance.” organised by Noor Takaful Insurance Limited, said Takaful insurance is the financial model that remains an alternative and complementary system of financial intermediation for the benefit of Nigerians.
Speaking at the workshop, the Chairman, of Noor Takaful Insurance Limited, Muhtar Bakare, described the role Takaful Insurance can play in managing the increasing level of uncertainties in the world by providing support when necessary and promoting collaboration and equity for Nigerians.
Bakare explained that the Takaful model, which operates on the Sharia principles of empathy and fairness, offers an affordable window of inclusion to millions of Nigerians who have hitherto been excluded from the formal financial sectors of the economy.
“The Alternative Finance sector of which Takaful Insurance is a major sub-sector presents credible routes to stability through alternative models of economic management and alternative models of delivery financial services to create more sustainable and more inclusive growth”, he said.
While applauding the regulator, partners as well as participants for their support and understanding, Bakare, assured them that the underwriter would continue to take all the necessary steps to meet its obligations and commitments to clients and other stakeholders.
In the same vein, the Chairman, of Oyo State Muslim Community, Alhaji Kunle Sanni, represented by Barrister Rasheed Attah, explained that the Takaful model remains an insurance option for Nigerians as it is guided and regulated by ethics, equity, and fairness as well as being regulated by the National Insurance Commission (NAICOM).
Also speaking, the Vice-Chairman, Noor Takaful Insurance Limited, Aminu Tukur, stated that the company is excited to bring Takaful insurance to Ibadan, saying that it would continue to drive massive awareness for Takaful to the extent that it becomes widely acceptable among Nigerians including non-Muslims.
The workshop featured a panel session involving scholars, businessmen, religious leaders, as well practitioners in the industry, some of which include the Chief Imam of Oluyole Central Mosque and other notable persons in the state.
Speaking during the panel session, the Rector of CIFM, Dr. Yeside Oyetayo, who attributed the challenges facing the insurance sector in Nigeria to include awareness and trust, disclosed that Takaful remains the alternative option for addressing such concerns given the ethics guiding its operations.
While commending Noor Takaful for their outstanding contribution to advancing the cause of ethical insurance in Nigeria, she urged the company to give priority attention to designing products for women as this would help a great deal in driving financial inclusion.
“Statistics have shown that 67.8 per cent of women in Oyo state are financially excluded. This is quite alarming because Ibadan women are known to be enterprising. I think Noor Takaful needs to have insurance provided for women. In doing this, you need to do market research to find out what they truly need rather than coming up with generic products”, she said
