The Emir of Kano, Malam Muhammad Sanusi 11, on Monday in
Kano launched the first Islamic insurance in Nigeria, tagged ‘Jaiz Takaful
Insurance’.
The Emir said at the event that the
introduction of the system in Nigeria was a welcome development, especially as
it would contribute towards boosting the country’s economy.
According to him, the policy, which will be
guided by Sharia, is not only for the Muslim, but also the non-Muslims can also
register.
“The Insurance Scheme will assist the small
scale business people to replace their lost property, especially whenever a
disaster which we are not praying for has occurred,” the emir said.
Sanusi added that the scheme would assist the
registered members to replace their lost property, either due to fire outbreak
or accident, through their contributions.
He called on Gov. Abdullahi Ganduje to
register all the state’s property, especially vehicles and houses, with the
Takaful insurance company.
The emir also called on tricycle riders in the
state to register their machines for the safety of their property, calling on
the company to ensure that its members were treated equally and fairly.
Earlier in his presentation on the concept and
operations of the insurance policy, the Managing Director of Jaiz Takaful
Insurance Company, Alhaji Momodou Musa, said the scheme was a premier Shariah
compliant general and family life insurance operator.
According to him, the insurance has been
established to provide insurance in Nigeria with the insight of expansion in
West Africa as an international leader in Takaful.
He said, “Takaful is a unique Islamic concept
of Shariah compliance which the system is based on social solidarity,
cooperation and mutual indemnification of losses of members.
It is a pact among a group of members who
agree jointly to indemnify the loss or damage that inflict upon any of them out
of the funds they donated collectively.”
Musa explained that, “the contract of Takaful
as a business venture is based on the Islamic profit sharing of ‘Al-Mudaraba
principles.
In this regard, clients known as participants
shall be entitled to earn returns on the contributions paid in consideration
for their participation in Takaful products provided by Jaiz Insurance company,
subject to the declaration of profit at the end of the financial year. (NAN)
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