History made in Kano as Emir launches Nigeria's first Islamic Insurance Scheme

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October 31, 2017 at 08:44AM
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- The Emir of Kano, Muhammadu Sanusi 11, has launched the first Islamic insurance scheme in Nigeria, called ‘Jaiz Takaful Insurance’

- The scheme is a general and family life insurance operation, which is Shariah-compliant but also open to non-Muslims

- Participants under the scheme shall be entitled to earn returns on the contributions paid in consideration for their participation in products provided by the company, subject to the declaration of profit at the end of the financial year

The first Islamic insurance in Nigeria has been launched by the Emir of Kano, Malam Muhammadu Sanusi 11, Vanguard reports.

The scheme is called ‘Jaiz Takaful Insurance’, and was launched by the monarch in Kano state on Monday, October 30.

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NAIJ.com gathers that Sanusi disclosed that the policy would be guided by Sharia law, but is open to non-Muslims as well.

The monarch further disclosed that registered members who have lost property in a fire or any other accident, would be assisted through their contributions to the scheme.

He stated: “The Insurance Scheme will assist the small scale business people to replace their lost property, especially whenever a disaster which we are not praying for has occurred.”

Sanusi urged tricycle drivers in the state to safeguard their vehicles by registering them with the scheme, and also called on the state governor, Abdullahi Ganduje, to register all the state’s properties with the scheme.

The managing director of Jaiz Takaful Insurance Company, Alhaji Momodou Musa, who also spoke at the event, disclosed that the company was a general and family life insurance operator, and that it was Shariah-compliant.

He further disclosed that the company had long term plans of expansion into West Africa, and the international community.

He stated: “Takaful is a unique Islamic concept of Shariah compliance which the system is based on social solidarity, cooperation and mutual indemnification of losses of members.

“It is a pact among a group of members who agree jointly to indemnify the loss or damage that inflict upon any of them out of the funds they donated collectively.”

He added: “The contract of Takaful as a business venture is based on the Islamic profit sharing of ‘Al-Mudaraba principles.

“In this regard, clients known as participants shall be entitled to earn returns on the contributions paid in consideration for their participation in Takaful products provided by Jaiz Insurance company, subject to the declaration of profit at the end of the financial year.”

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Meanwhile, NAIJ.com previously reported that Vice President, Prof. Yemi Osinbajo, spoke out concerning the criticisms of the federal government’s N100bn Sukuk (Islamic bond), which it plans to use for road construction.

Osinbajo said that it was impossible for anyone to Islamise Nigeria, as claimed by Christian interests. He also noted that many people look for Islamic agenda everywhere as if they were looking for demons.

Allah's name appears on Moringa tree - on NAIJ.com TV:

Source: Naija.ng

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History made in Kano as Emir launches Nigeria's first Islamic Insurance Scheme
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