NAICOM licenses two Takaful companies

The National Insurance Commission (NAICOM) has licensed two Takaful companies to operate while the processing of other applications is on-going, Commissioner for Insurance Mohammed Kari has said.

Kari, who stated at this the weekend in his goodwill message at the  inuaguration of the Kano Branch of Jaiz Takaful in Kano State, said Takaful Insurance would solve the challenge of public apathy to insurance, religious and cultural beliefs, especially in the North.

Takaful Insurance is another name for Islamic Insurance and it is a unique Islamic concept of Sharia compliance beneficial to both Muslims and non-Muslims Kari said attempts by the Commission and insurance operators to penetrate markets in the northern part of the country with the conventional insurance products have not yielded the much result due to a number of challenges arising from public apathy to insurance, religious and cultural beliefs.

Photo Caption: NAICOM Logo