Jaiz Takaful unveils profit-sharing scheme

Momodu Musa Joof

Momodu Musa Joof

Jaiz Takaful Insurance has rolled out first-of-its-kind insurance products intended to share accruing profits with participants/clients.Takaful is an Islamic insurance concept based on the Islamic principle of Taawun known as mutual benefits.

Takaful subscribers have bond among themselves, as participants agree to jointly indemnify the loss that might be incurred out of the funds or contribution pool. Most importantly, at the end of a business year, any profit made under Takaful will be proportionately shared among its participants and shareholders in relation to the scale of their investment.

The contract of Takaful as a business venture is based on the Islamic profit-sharing of Al-Mudarabah principle, where subscribers shall be entitled to share profits on contributions paid in consideration for their participation.

The company expressed hope that its operations will no doubt change the dynamics in the insurance industry, where individuals who were hitherto very skeptical about the conventional insurance now have Takaful as an alternative, in addition to a speedy settlement of claims as well as distribution of profit to participants.

Chief Executive Officer of Jaiz Takaful Insurance, Momodu Musa Joof, said that their products are inspired by the need for customers to benefit from the contributions they pay as policy holders.

He added that the concept is very transparent and practical and scripted to address all the objectionable about conventional insurance.Jaiz Takaful is a public limited liability company and regulated by National Insurance Commission (NAICOM). It is among the first full-fledged Takaful insurance providers in Nigeria, which are Shariah compliant and it is now open for business to Muslims and non-Muslims across Nigeria and beyond.

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1 Comment
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