Noor Takaful presents N15m surplus cheques to policyholdersNoor Takaful, the leading Islamic Insurance firm in Nigeria, for the second consecutive year, has announced the distribution of surplus (cashback) payment worth over N15million to participants (policyholders) who did not make claims as part of efforts aimed at promoting ethical insurance in Nigeria. The company has also announced the launch of its mobile app to make its products and services more accessible to the retail market. L-R: Chairman, Noor Takaful, Ambassador Shuaibu Ahmed; Bursar, Ahmadu Bello University, Zaria, Mr Yahaya Hassan; Managing Director, Noor Takaful, Mr.Aminu Tukur and representative of the President, Nigerian Insurers Association(NIA), Mr Lanre Ojuola during the presentation of surplus cheques to policyholders by Noor Takaful in Lagos today. The surplus payment which comes as a result of Win-Win model of insurance operated by Noor Takaful, an indigenous insurance company licensed by National Insurance Commission in 2016 thrives on the pool of funds provided by the participants (insured) which is managed by the Takaful operator. Recommended for you "Very clean and sharp": Fine Igbo boy who sells suya for a living emerges,... This second batch of payment is an increase from 12million naira distributed in 2019 to policyholders who did not make claim in that pertaining year. It would be recalled that the surplus payment embarked upon by the company kick-started in April 2019 following approval from NAICOM, the industry regulator. Takaful is the Non-Interest finance insurance market that seeks to reach a large market of uninsured Nigerians cutting across the six geo-political zones of the country. Speaking during the event held on Wednesday, August 19, 2020, in Lagos, the Chairman of the company, Ambassador Shuaibu Ahmed noted that the surplus extended to participants demonstrates the commitment of the company to encouraging Nigerians to be part of Takaful insurance market as well as promote financial inclusion in the country. According to Ahmed, this surplus distribution would go a long way to further deepen penetration of insurance in the Nigerian market as Nigerians would now be more willing to subscribe to insurance given the fact that this segment of the market is considered ethical and rewarding. Recommended for you "You look good": Beautiful lady who is a fish farmer shows off big 'point a... “No doubt, this idea of giving something back to policyholders would naturally drive interest for insurance as Nigerians would now be less skeptical about getting involved. Surplus payment is further proof that insurance can be done fairly and ethically”, he said. He noted that the surplus offering was designed to allow policyholders to enjoy some benefits especially when claims have not been made throughout the year declaring that no such insurance package offers such benefit. In his remarks, Acting Managing Director of the company, Aminu Tukur stated that the distribution of surplus to policyholders has continued to serve as a big pull for the Takaful insurance market with interested participants now increasing daily. “The surplus payment to policyholders stems from our Win-Win insurance model and this has served as a big pull for us at Takaful as we keep recording an increase in the numbers of interested participants daily”, Tukur said. Recommended for you Tinubu's aide asks Buhari to suspend Emefiele as CBN governor, gives fresh... L-R: Chairman, Noor Takaful, Ambassador Shuaibu Ahmed; Insurance Officer, BUA Group Limited, Saidu Abdulfatah; Representative of the President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Bukola Ifemade and Managing Director, Noor Takaful, Mr Aminu Tukur during the presentation of surplus cheques to policyholders by Noor Takaful in Lagos today. Tukur further stressed that policyholders would continue to reap the benefits of surplus payment annually, provided that there are no claims to take all the money in the risk fund. While urging Nigerians to take advantage of the opportunity, he described Takaful as a cover that could be explored by interested individuals or organizations in different sectors of the economy as it guarantees insurance against losses and other attendant risks. Speaking further on some of the products as well as means devised by the company to change the narrative in the industry, head, business development and sales, Noor Takaful, Mr Rilwan Sunmonu stated that it has become imperative to dismiss the notion that its products are strictly for Muslims adding that non-Muslims can also access it. Recommended for you "No old notes yet from CBN": Banks ration cash as Supreme Court suspends wi... “This company prides itself as a customer-focused organization that has invested in technology to ensure that the needs and expectations of our participants particularly in the area of claims are met on a timely basis. In the last four years, the business and client base has continued to grow for both corporate and retail sector,” Sunmonu noted. Sunmonu restated the fact that Takaful remains the only segment of the insurance industry that is premised on equity and fairness as it offers true value for the money invested. [Sponsored] Source: Legit.ng Noor Takaful, the leading Islamic Insurance firm in Nigeria, for the second consecutive year, has announced the distribution of surplus (cashback) payment worth over N15million to participants (policyholders) who did not make claims as part of efforts aimed at promoting ethical insurance in Nigeria. L-R: L-R: