Noor Takaful declares N36m surplus payments to policyholders, unveils new product

Nigerian pioneer composite Takaful Insurance firm, Noor Takaful has announced the distribution of a surplus (cashback) payment worth over thirty-six million Naira to participants who did not make claims.

The company said the gesture, which it is carrying out for the 3rd consecutive year, was in line with its commitment to promoting ethical insurance in Nigeria.

A total of 621 participants including individuals, private and public organizations, banks and higher institutions of learning, receive various sums at a ceremony in Lagos.

The company has also announced the launch of a new product targeted at serving the varying insurance needs of its customers most especially in the retail market.

Keynote speaker and former Emir of Kano, Muhammadu Sanusi II, described the distribution of surplus as a landmark achievement not only for the company but Nigeria’s financial sector given that it represents the growth trajectory of Islamic finance in Nigeria.

While congratulating the company and its participants, Sanusi explained that Takaful insurance as a financial model remains an alternative and complementary system of financial intermediation for the benefit of Nigerians.

He added that “The concept and practice of the distribution of surplus by Noor Takaful is an added value proposition which is non-existent in conventional insurance, thus making Takaful very advantageous to its patronizers. You don’t have to be a Muslim to operate Takaful. It is an alternative to conventional insurance which complements all classes of clients without discrimination. The realization of the surplus distribution is a testament to the success in its underwriting activities.” he added.

Also, Chairman, Board of Directors, Noor Takaful Insurance Limited, Muhtar Bakare described the surplus distribution extended to participants as a significant milestone for the company noting that this gesture has contributed immensely to unlocking the value in ethically compliance insurance both for individuals and corporate organisations in Nigeria.