Nigeria: Takaful is a distinct alternative insurance model, not a subset, says NAICOM Chief
Source: Middle East Insurance Review | Oct 2026
Takaful is an alternative insurance model, rather than a subset of conventional insurance, according to the Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin.
He said this during a recent meeting with a delegation from the Islamic Financial Services Board (IFSB) following the successful completion of a diagnostic assessment of Nigeria’s takaful sector.
The preliminary findings of the IFSB mission identified several measures aimed at strengthening the legal, regulatory and supervisory framework for takaful in Nigeria. A comprehensive report on the diagnostic assessment mission will be released upon the conclusion of the review process and incorporation of stakeholder feedback.
NAICOM views its collaboration with the IFSB as a significant milestone in developing a robust and resilient takaful ecosystem in Nigeria. The partnership is expected to contribute to greater financial stability, increased consumer confidence, stronger policyholder protection and responsible innovation within the Nigerian insurance industry. M