Islamic Insurance: Kano inaugurates Sharia compliance scheme
The Emir of Kano, Alh. Muhammadu Sanusi II has inaugurated Islamic compliance insurance scheme on Monday, in Kano, the state capital, to serve as an alternative to conventional insurance in the country.
The Islamic insurance or Takaful, is a unique Islamic concept of Sharia compliance insurance.
He added that the system of Takaful insurance is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members.
He said,”It is a pact among a group of members who agree to jointly indemnify the loss or damage that may inflict upon any of them out of the funds they donate collectively.”
According to the Emir, the insurance, which is free of all forms of Haram(sin) will serve as an alternative to those who have issues with conventional insurance companies.
He added:” To those who have issues with conventional insurance companies, Takaful insurance is here as an alternative. It is in practice in different part of the world, it is safe and open to both Muslim and non Muslims.”
The Emir urge the state government to ensure it insures all the state’s assets with Jaiz Takaful Insurance PLC.
He said,“Muslims and non- Muslims are all welcome to join for a better and secured future. The Islamic insurance has been practiced in different part of the world and we encourage our people to be part of it.”
Jaiz insurance is founded by Yusuf Issa Al-Nuphawi a native of Gambia, Nigeria’s West African neighbour.
According to Al-Nuphawi, the move became necessary considering the huge number of Africans who are living without any form of insurance either as a result of ignorance or not willing to patronise the conventional insurance companies.
This, he said, has caused many people great losses; and there is the need to educate the people on the need to insure their property with a company they can trust.
