The Emir of Kano, Muhammad Sanusi II (CON) has directed that all insurable vehicles owned by him or the traditional council be insured by Jaiz Takaful Insurance Plc, for its offer of mutual benefits, transparency and fairness. He gave the directive at the special launching of Takaful Insurance, Kano branch, held at his palace, Kofa Kudu, Kano on Monday 30th October, 2017.
The Emir, who encouraged his subjects on Takaful kitty, asked Kano State’s Accountant-General, Hajiya Aisha Mohammed Bello, who represented Governor Abdullahi Umar Ganduje, at the event to plead with the Governor to embrace Takaful Insurance by insuring all insurable property of the Government with Jaiz Takaful Insurance Plc.
Emir Sanusi, who recalled unfortunate incidents of fire outbreak in major markets in Kano, said launching of Jaiz Takaful Insurance Plc, which offers alternative to conventional insurance, in Kano is timely. He noted that as a result of inconsistency of conventional insurance with Sharia, his people who are majorly Muslims have suffered a lot of losses which could have been indemnify.
Speaking, the Chairman, Board of Directors of the Company, Dr. Umar Abdul Mutalab CON, said Jaiz Takaful Insurance Plc is in Kano to deepen insurance penetration in Nigeria and Kano in particular. He explained that unlike conventional insurance companies where insurance consumers are just clients, at Takaful Insurance they are participants and policyholders.
In his speech, the Managing Director/Chief Executive Officer of the Company, Momodou Musa Joof, said “Takaful is growing at the rate of 35 to 40 percent globally as opposed to conventional insurance which is only growing at the rate of 5 percent. We have no doubt that Takaful will grow at exponential rate in Nigeria as evidenced from our 2017 first quarter business report.”
Mr Joof noted that “Kano is a large market with long history of commerce in Africa. As such, the need for institutions that can offer true risk mitigation services to various investments cannot be over emphasised. Takaful is introduced to address that outcry that the consumers of conventional insurance have continued to make for a very long time; they paid their money for insurance but they are not getting their money’s worth. Takaful is here to improve insurance penetration and to acts as an additional vehicle for economic growth. Takaful operations have great potentials in Nigeria considering the fact that Takaful is open and available to all irrespective of one’s faith.”
“We are participating in vehicle insurance, most products in general life, and we are fully licensed and regulated by the same regulator, the National Insurance Commission (NAICOM). We are patronised by big institutions like the Asset Management Company of Nigeria (AMCON); we are also registered with the Nigerian Insurance Association that has a way of identifying vehicle that are insured to rightful companies.”
He noted that When there is any incident, we pay faster than the conventional insurance providers because we are paying from that pool which belongs to you forever and it is meant for payment. The System of Takaful as an Insurance service, provides Solidarity in respect of human life or property of the policyholders known as Participants. They subscribe to assist and indemnify each other in the event the need arises, in addition to mutual assistance, what is new is that at the end of the business year, any profit made under Takaful will be proportionately shared among its participants and shareholders in relation to the scale of their investments.
The ceremony was well attended by Kano based Islamic scholars, business communities and associations, traditional chiefs among others.