Noor Takaful Pays N36m Surplus to Policyholders

Ebere Nwoji

Noor Takaful Insurance has distributed surplus and cash back payment worth N36 million to policyholders who did not make claims in the 2019 business year.

The company said this would be the third time that it has distributed surplus to its policyholders in this category, a gesture that is in line with its commitment to promoting ethical insurance in Nigeria.

Speaking at the surplus distribution arena, the Noor Takaful Insurance Chairman, Muhtar Bakare, said a total of 621 participants, including individuals, private and public organisations, banks and higher institutions of learning, received the surplus payment.

He identified some of the recipients as BUA Group, Engee Pet Manufacturing Limited, Kano Agric Supply, JAMB, Modibbo Adama University – Yola, Sterling Bank and Jaiz Bank, among others.

Bakare said Engee Pet Manufacturing received one of the highest amounts worth N1.13 million.

He said the surplus payment, which came as a result of the Win-Win model of insurance operated by Noor Takaful, thrives on the pool of funds provided by the participants.

According to him, Takaful is the non-Interest finance insurance that seeks to serve a large market of uninsured Nigerians spread across different parts of the country.

Bakare described the surplus distribution extended to participants as a significant milestone for the company noting that this gesture has contributed immensely to unlocking the value in ethically compliance insurance both for individuals and corporate organisations in Nigeria.

While applauding the regulator, partners as well as participants for their support and understanding, Bakare assured them that the company would continue to take all the necessary steps to meet all of its obligations and commitments to clients and other stakeholders.

“We assure you that we shall carry that burden of trust with probity, diligence and good faith. Noor Takaful will continue to provide innovation and leadership in the takaful industry in Nigeria whilst maintaining high, ethical and professional standards,” he added.

Delivering his keynote address at the event, His Highness, Khalifa Muhammadu Sanusi II, described the distribution of surplus as a landmark achievement not only for the company but Nigeria’s financial sector given that it represents the growth trajectory of Islamic finance in Nigeria.

While congratulating the company and its participants, Sanusi explained that Takaful insurance as a financial model remains an alternative and complementary system of financial intermediation for the benefit of Nigerians.

“The concept and practice of the distribution of surplus by Noor Takaful is an added value proposition which is non-existent in conventional insurance, thus making Takaful very advantageous to its patronisers.

“You don’t have to be a Muslim to operate Takaful. It is an alternative to conventional insurance, which complements all classes of clients without discrimination. The realisation of the surplus distribution is a testament to the success in its underwriting activities, ”he added.

In his remarks, Vice Chairman, Noor Takaful Insurance, Aminu Tukur, stated that the distribution of surplus to policyholders has continued to boost interest for the Takaful Insurance market with participants growing daily.

Tukur noted that the company would remain committed to being at the forefront of providing personalised ethical insurance that offers tangible value to customers.

He further said that the company would continue to make innovations in the insurance industry.

He said so far, the company has paid a total of N1billion claims
Noor Takaful Insurance is the first takaful insurance in Nigeria established and duly licensed by NAICOM in April 2016 .