Jaiz Takaful shares N84.5 million profit among participants


The JAIZ Takaful has declared profit of N121.4million of which N84.5 million would be shared among participants. According to the Managing Director/CEO, Ibrahim Usman Shehu, the company recorded N23 million surplus under motor insurance, N2.9 million surplus under agric insurance and N58 million under family insurance, making a total of N84.5 million all together.

‘Takaful is an Islamic alternative to conventional insurance whereby Islamic or any other background can access Takaful products’

Speaking during the surplus distribution in Lagos, the Chairman JAIZ Takaful Insurance, Abidu Yazid, said the company was founded six years ago. “We spent the first few years of our life in setting up our affairs, acquiring equipment and other facilities, engaging and training staff, sustaining our business, identifying partners and prospects and finally launching the business.”

He noted that the company has demonstrated exemplary performance in meeting the exceeding key parameters in business results in its last six years of operation.

“Challenges have been many but not insurmountable. Whilst the year 2020 saw a contribution of COVID-19 pandemic around the globe with its attendant economic hardship and business distribution, the year miraculously marks a watershed in the annals of our own company.”

Yazid said that the company has continued to produce resilient financial performance. “The consolidated profit after tax saw an impressive increase in 2020 compared to 2019. The 2020 financial result reflects our intent to deliver consistent surplus from takaful operation so that the policyholder’s interest is safeguarded while we continue to reward our shareholders’ interest. Participants’ takaful fund generated the net consolidated surplus of N121.4million to our participants.”

He commended the regulator, National Insurance Commission (NAICOM), for approving the surplus to be distributed. “We are gathered here to distribute part of the surplus between participants in Abuja, Lagos and Kano for now.”

He said the mobile app would enable an unprecedented level of contact and interface with participants. “It will allow us to receive and analyse feedback and communication in real time thus allowing us to improve on our products offering.”

The Governor of Lagos State, represented by the Permanent Secretary, Ministry of Finance, Sewanu Tope Hundogan congratulated the board and management for the successful introduction of the novel idea into the insurance industry in Nigeria.

“The encouraging participation shown by the numbered of people participating in the surplus sharing from Lagos is clear indication of the willingness by Lagosians and indeed Nigerians to key into new system which is guided by Shariah”

He noted that the key benefit the initiative is bringing to the table is the promotion and deepening of financial inclusion which is a major national goal to strengthen the country’s financial goal.”

The guest speaker, President Institute of Islamic Finance Professionals, Prof. Tajudeen Yusuf said the entire Islamic finance product introduced delivered values.

“Those of us in academics have conducted a lot of research and read so many books. JAIZ Takaful is proving us right. That is why I will continue to pray for those Muslims who taught out of the box and devise Takaful Insurance”, he said.

He added that the objectives of the Shariah on the products are life, prosperity and wealth preservation and this is achievable because Takaful draws a clear line between the conventional insurance and the Islamic Insurance.

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