Many economies have realized that conventional financing system could not withstand novel crisis which sprouts with multifarious symptoms. Free-interest financing concept has became a promising global finance model. Nigeria since 2012 has embraced the concept with the establishment of Jaiz Bank.
In 2014 Jaiz Takaful was established by Jaiz Charity and Development foundation who took it to be a Shariah compliant investment to help their sustenance. Since the arrival of Momodou Musa Joof to Nigeria as the Managing Director and Chief Executive Officer of Jaiz Takaful Plc in 2016, the Gambian has been educating his audiences on the benefits and advantages of Islamic Insurance.
Recently, while unveiling maiden profit sharing concepts of Takaful in Nigeria, Joof told newsmen that the concept is very transparent and practical, adding that Takaful has come to address all the objectionable about conventional insurance such as Riba, Interest and Maysir. He reassured the public that the products being promoted by Jaiz Takaful are inspired by the need for customers to benefit from the contributions they pay for as policyholders.
Having established the first Takaful Insurance Company for West Africa in The Gambia and the first Takaful Window in Southern Africa in Zambia, he explained the new concept as a clear departure from conventional Insurance. The system is based on Mutual benefits between the Operator, Participants and even the needy who also benefit from the Zakat paid from Takaful profits.
According to Joof Islamic Insurance, known as Takaful is different from Conventional Insurance because the company belongs to the Participants or clients; the risk is shared among participants; surplus or profit belongs the participants and similarly the profit generated or realized is also shared among Participants.
Beyond doubt, Joof as an insurance scholar, his intimidating credentials attest to the ingenuity of his ideas on the specialized field of study and profession. He has strong bias for the Development of Islamic Finance and Islamic Insurance (Takaful), holds a Master’s Degree in management from the International Islamic University of Malaysia and Diploma in Insurance Underwriting from West African Insurance Institute-Liberia. He had specialized training in Takaful Insurance from International Islamic University of Malaysia and Alhuda Center of Islamic Banking and Economics where he obtained a Certified Takaful Professional Diploma.
He has also held various positions in different organisations. He was Treasurer, Insurance Association of the Gambia, Board Member of British Education Agency, Gambia; Vice President of ECOWAS Brown Card; President of International Islamic University Alumni-Gambia Chapter, Visiting Lecturer, West African Insurance Institute and Chairman, Gambia Medical Underwriters Committee. He shares his experiences in workshops, seminars, conferences and several International Takaful forums including the World Takaful Conference in Dubai 2013 and International Takaful Forum in London 2012.
As current economic crisis in Nigeria bites harder, Takaful operations will in no doubt change the dynamics in the insurance industry where individuals who were hitherto very skeptical about the conventional insurance could resort to Takaful as an alternative. The Takaful has also promised a speedy settlement of claims as well as distribution of profit to participants at the end of the year.