The Managing Director and Chief Executive Officer (MD/CEO) of Jaiz Takaful Insurance Plc., Momodou Musa Joof, has been conferred with a Fellow of the Institute of Islamic Finance Professionals of Nigeria (FIIFP).
Mr. Joof was honoured in Lagos, at the induction ceremony held over the weekend by IIFP, alongside one hundred and seventeen personalities who distinguished themselves in Islamic finance.
Speaking on the honour, Joof, said, “with this inspirational award, I have more reasons now to ever sustain my passion for promoting Takaful (Islamic insurance): My energy has been boosted to further accelerate my efforts in promoting Islamic finance and in particular Takaful, the sector I have made reasonable contributions, having found Takaful insurance companies and partake in the development of some governments’ insurance regulatory framework and policy formulation.”
Joof, who founded the first Takaful insurance company in West Africa, Takaful Gambia Limited, had spent more than 14 years in conventional insurance practice, rising from Accounts Clerk to Assistant Manager Underwriting before he discovered Takaful as the best way of doing insurance. He understudied Takaful in Malaysia and since then developed a growing passion for the Takaful system of insurance which promotes transparency, fairness and mutual benefit.
Two years of the establishment of the first Takaful Insurance in Southern part of Africa, he got an appointment with Jaiz in Nigeria as the Managing Director/CEO, Jaiz Takaful Insurance Plc.
Takaful is an insurance scheme in which a group of participants agree to jointly support one another where the need arises. They contribute to a fund, and are compensated or indemnified from that fund in the event of loss. Takaful is said to be growing at the rate of 30 to 40 percent annually, globally.
Nigerians cannot afford missing the economic benefits of Takaful an alternative to conventional insurance and give the people better experience of insurance. The Takaful system of insurance promotes prompt settlement of claims as well as profit sharing among the Participants and shareholders.
Jaiz Takaful Insurance Plc offers all insurance products and the services are opened to all irrespective of religious inclination. The Company is regulated by National Insurance Commission (NAICOM) which also regulates conventional insurance.