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 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, according to local media reports. Stakeholders include regulators, takaful operators, industry associations and development partners.
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.
Mr Omosehin reaffirmed NAICOM’s commitment to unlocking the immense potential of takaful as a strategic vehicle for expanding insurance penetration, promoting financial inclusion and supporting sustainable economic development across Nigeria.