Policyholders of Noor Takaful, an Islamic insurance firm, have earned a surplus or cashback payment of N15 million having not made any claim.
The surplus, which was derived from the firm’s 2018 financial year, is aimed at promoting ethical insurance.
Takaful is a non-interest insurance market that seeks to reach a large market of uninsured Nigerians cutting across the six geo-political zones of the country.
The company, had, in its 2017 financial year, e granted N12 million surplus to customers.
Speaking at the Surplus distribution ceremony in Lagos, the Chairman of the company, Ambassador Shuaibu Ahmed, said the payment, which comes as a result of the Win-Win model of insurance operated by Noor Takaful, thrives on the pool of funds provided by the participants (insured), which is managed by the Takaful operator.
He noted that the surplus extended to participants demonstrates the commitment of the company to encouraging Nigerians to be part of Takaful insurance market as well as promote financial inclusion in the country.
He said: “This surplus distribution would go a long way to further deepen penetration of insurance in the market as Nigerians would be more willing to subscribe to insurance given the fact that this segment of the market is considered ethical and rewarding.”
Acting Managing Director, Mr. Aminu Tukur added that the distribution of surplus to policyholders has continued to serve as a big pull for the Takaful insurance market with interested participants now increasing daily.
The Head, Business Development & Sales, Mr Rilwan Sunmonu said it had become imperative to dismiss the notion that its products are strictly for Muslims, adding that non-Muslims can also access it.
He restated that Takaful remains the only segment of the industry that is premised on equity and fairness as it offers true value for the money invested.