Nigerians are getting first-ever Islamic insurance company

Malam Muhammad Sanusi 11 has released Nigeria’s first Islamic insurance company.

Daily Post reports that this company, ‘Jaiz Takaful Insurance’, was revealed at an event in Kano on Monday, October 30, 2017.

Speaking at the launch, the Emir of Kano shared the many advantages of the system.

In his words, “The Insurance Scheme will assist the small-scale business people to replace their lost property, especially whenever a disaster which we are not praying for has occurred,” the emir said.

“The scheme would assist the registered members to replace their lost property, either due to fire outbreak or accident, through their contributions.”

According to the traditional ruler, this new company will be guided by Sharia in order to ensure that members receive fair treatment.

However, he added that this policy is not just Muslims as non-Muslims are also encouraged to take advantage of it.

Punch reports that the Emir has called on the State government to take advantage of the policy by insuring all its vehicles, landed properties and other valuables.

The Managing Director and Chief Executive Officer of Jaiz Takaful, Dr Umar Abdulmutalab, also spoke at the launch.

He said, “It is based on Islamic profit sharing of Al-Mudaraban principle. In this regard, clients of a Takaful, known as participants shall be entitled to earn returns on the contributions (premiums) paid in consideration for their participation in Takaful products provided by Jaiz Takaful Insurance.’’

The public was warned to make only genuine claims and avoid making frivolous claims.