Azare new market: Crucial advice for shop owners

The traders and businessmen of the Azare Central Market of Katagum LGA of Bauchi state, which was burned to ashes on June 18, 2018, on account of an out-of-control fire outbreak, are currently moving to a new market so as to allow Governor Bala administration in collaboration with the Public-Private Partnerships (PPPs) to construct modern market.

    Most of these businessmen are yet to recover from their huge losses as properties worth millions of naira were consumed by the fire, and this is why some of them did not relocate to the new market. The petty traders and businessmen are in dire need of empowerment from the three tiers of government to resettle in the new market. His Highness the Emir of Katagum Alhaji Umar Farouk II should be commended for constructing the new market with the funds given by donors across the country. 

   Being Muslims, the shop owners of the new market should promptly register their shops and business centres with one of the Takaful Insurance Companies approved and recommended by the National Insurance Commission (NAICOM) such as Jaiz Takaful Insurance Plc, Cornerstone Takaful Insurance Company, Salam Takaful Insurance Company Ltd and Noor Takaful Insurance Ltd. These insurance companies are regarded as an alternative to Conventional Insurance because of being free from the element of Riba (interest), Maisar (gambling and Gharar (uncertainty).  The Conventional Insurance is against Muslims’ belief in preordainment which is one of the six articles of faith in Islam.

    According to Professor Busari Shamsuddeen Akande, Chief Executive Officer of the Islamic Institute of Accounting and Finance, the word “Takaful” is derived from the Arabic verb “kafala” which means “to take care of one’s need”. This Takaful is a sort of Islamic insurance whereby members contribute funds into a pool system so as to guarantee each other against losses, damages and disaster that may occur unexpectedly. 

It is also associated with profit sharing between the company and customers. This Takaful is an investment scheme because the premium paid by customers in the Takaful insurance companies remains their investment as the companies invest in halal products businesses. At the end of a business year, profit made by Takaful will be equally shared among participants or shareholders based on their scale of investment.  

It is vital to know that even Christians are free to join the Takaful insurance companies as it is a matter of assisting each other. Managing Director, Jaiz Takaful Insurance, Momodou Musa Joof, recently said,” Takaful Insurance is open to Muslims and non-Muslims as there are Christians among the members of staff of our company. It is transparent, fair and open to all”. Ultimately, I call on the management of the new market to educate shop owners and businessmen on the significance of registering their business centres with one of the aforesaid Takaful insurance companies with a view to mitigating or recovering from their huge losses.

Mustapha Baba Azare,

Alkali Musa Street, Azare,

Bauchi state