Jaiz Foundation Begins Islamic Takaful Insurance

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By Modupe Gbadeyanka

The Jaiz Foundation is set to kick start Islamic ‘Takaful’ Insurance in Kaduna, Kano, Lagos with head office in Abuja.

As part of the final preparation, the Foundation held a week induction training for the staff of the organization, who are going to be deployed to these states to commence operation.

Chairman of Jaiz Takaful Insurance PLC, who also doubled as the chairman Jaiz bank PLC advice Nigerians to take advantage of the new insurance concept, which he said is for everybody.

“The name Islamic notwithstanding, it is for all Nigerians, provided they adhere to the principle of sharia. Individuals, groups and businesses should take advantage of this rare opportunity. The premium you pay remained there for you as investment, if you don’t suffer lose”

Throwing more light on the operation of the Insurance policy, the Managing Director of Jaiz Islamic Takaful Insurance, Momodou Musa Joof said, the company shares profit by 80% to its participants who have not suffered loses.

According to Joof, the staff that are being trained here are going to be deployed to states to sell Islamic Takaful Insurance support. They have been into conventional insurance but now we are introducing Takaful or Islamic Insurance, which is basically sharia compliant.

“It insures anything that is ethical and at the end of the year, the profit that the company generates, 80% of it will be distributed to the clients or participants who did not suffer loses in the cause of the year.

In the meantime, those who suffer loses would have been paid first before the distribution of profit. The element, which goes to the needy, which is called Zakat is also distributed before profit is shared.

“Takaful is coming as a scheme for all. The good thing in Takaful is that, if you don’t suffer lose, your contribution become an automatic investment. For the less privileged who don’t have what to insure, if the company is successful in business, one day we will reach out to you in zakat.”

Prominent scholars like Prof Muhammed Nasirudeen Maiturare, the Vice Chancellor of Ibrahim Badamosi Babangida University, Lapai, who is also a member of the advisory council and others were brought in as resource persons in the particular aspect of human needs.

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