Jaiz Takaful unveils Profit-sharing Insurance concept in Nigeria
Jaiz Takaful has rolled out first-of-its-kind insurance products intended to share profits with participants/clients. Takaful is an Islamic insurance concept based on the Islamic principle of Taawun known as mutual benefits.
Takaful subscribers have a bond among themselves as Participants who agree to jointly indemnify the loss or damage that may inflict upon any of them out of the funds or Contribution pool. Most importantly, at the end of a business year, any profit made under Takaful will be proportionately shared among its participants and shareholders in relation to the scale of their investment.
The contract of Takaful as a business venture is based on the Islamic profit sharing of Al-Mudarabah principle. Subscribers of Takaful shall be entitled to share profits on contributions paid in consideration for their participation in Takaful products, to be provided by Jaiz Takaful Insurance Plc subject to declaration of profit at the end of the financial year.
Takaful operations will in, no doubt, change the dynamics in the Insurance industry where individuals who were hitherto very skeptical about the conventional insurance now have Takaful as an alternative, in addition to a speedy settlement of claims as well as distribution of profit to participant at the end of the year.
The Managing director/ Chief executive officer of Jaiz Takaful Insurance, Momodu Musa Joof, said that their products are inspired by the need for customers to benefit from the contributions they pay as policyholders. He added that the concept is very transparent and practical. Takaful has come to address all the objections about conventional insurance (Riba, Interest, Maysir).
Jaiz Takaful Insurance is a public limited liability company registered with Corporate Affairs Commission (CAC) and regulated by National Insurance Commission (NAICOM). It is among the first full-fledged Takaful insurance providers in Nigeria which are sharia- compliant and it is now open for business to Muslims and non-Muslims across Nigeria and beyond.
