By Dipo Olowookere
Foremost Nigerian finance journalists’ body, Finance Correspondents Association of Nigeria (FICAN), has announced Jaiz Takaful Insurance Plc as the 2017 Insurance Company of the Year.
This, according to the association, was in recognition and appreciation of the insurer’s positive contribution to the insurance sector of the Nigerian economy.
Jaiz Takaful Insurance Plc was presented with the award at the 20th Anniversary Public Lecture and Award of FICAN held on September 19, 2017 at the Top Rank Hotel Galaxy, Abuja.
Managing Director and Chief Executive Officer (MD/CEO) of Jaiz Takaful Insurance, Mr Momodou Musa Joof, described the honour as an act of encouraging professionalism and excellence in the insurance sector.
He stressed that Jaiz Takaful Insurance has come to stay in Nigerian insurance market with the aim of improving insurance penetration in the country.
The company’s chief executive described the system of Takaful or Islamic Insurance as an alternative to the conventional system of insurance acts as an additional vehicle for economic growth.
He said Takaful operations have great potentials in Nigeria considering the market size and the fact that Takaful was open and available to all irrespective of one’s faith.
“Though first quarter of 2017 marked our start of operation in Nigeria, it is interesting to announce that the company has realized about N20 million in premium income despite we only got our products approval within the quarter,” he said.
The system of Takaful as an Insurance service provides solidarity in respect of human life or property of the policyholder 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 investment.
Adedapo Adesanya 
Modupe Gbadeyanka