Noor Takaful Insurance storms Kano, others with sharia-compliant products

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By Henry Uche

Experts and stakeholders in Insurance industry have tasked Nigerians in the North to embrace Takaful insurance to reap huge benefits.

According to them, this remains the most viable and insurance that offers enormous benefits to all members of society regardless of race, religion, ethnicity, or social status.

At a workshop in Kano recently, with the theme: “Takaful insurance in an increasingly unstable and insecure world”, the Chairman, Noor Takaful Insurance, Muhtar Bakare, noted that the workshop was one of the numerous ways the company intended to engage the populace and create much-needed awareness about Takaful insurance.

“This is the first in the series of workshops Noor Takaful plans to hold in various cities across the country. And we should be starting that journey in Kano. I am delighted to mention that Noor Takaful was conceived and incubated in Kano. This workshop intends to allow us to hear from Islamic and academic scholars how Takaful can help support businesses and communities in a rapidly changing, challenging world,” he posited.

The Vice Chairman of the Insurance company, Aminu Tukur, stated that the company was delighted to reintroduce Takaful insurance to the Kano market, having started the journey from the ancient city. Tukur maintained that it remains committed to promoting financial inclusion through Takaful insurance by offering products that meet the need of every social class. “Takaful operates based on pooling funds together for the sake of brotherhood.”

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Commenting at the workshop, Islamic cleric, Dr Bashir Umar, stated that it was gratifying to note that Noor was taking up the challenge to promote Takaful. “This effort underscores the commitment to promote ethical insurance in Nigeria.”

“There is no longer any justification for Muslims, in particular, to subscribe to conventional insurance products since there are products that are now Sharia-compliant,”

Speaking, Deputy Director, International Institute of Islamic Banking & Finance, Bayero University, Kano, Dr Warshu Rabiu, stated that though Takaful insurance was still in its infancy when compared with conventional insurance, the industry has witnessed a tremendous rise in a global market of $22 million within a short period.

Rabiu noted that with the roadshow being embarked upon by Noor Takaful, he was optimistic that Nigeria would become a key player in the industry in no distant future.

“There is need for Nigerians to subscribe to it given that it operates on Sharia principles.” 

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