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NAICOM approves establishment of two new Islamic Insurance companies

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The National Insurance Commission (NAICOM) has granted approval in principle (AIP) to Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd to operator and increase the insurance sector in Nigeria.

This was disclosed in a statement issued by the Head, Corporate Affairs Department of the commission, Mr Rasaaq Salami, expressing that both companies will operate as composite Takaful operators to transact both family and general Takaful businesses in Nigeria.

Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage.

Takaful-branded insurance is based on sharia or Islamic religious law, which explains how individuals are responsible to cooperate and protect one another.

This brings the total number of approved Takaful operators to a total number of four in Nigeria.

Earlier in 2016, NAICOM had granted operational licences to Noor Takaful and Jaiz Takaful.

NAICOM said the AIP to the two new companies were in line with the commission’s drive for inclusion towards increasing insurance penetration in the country.

It noted that “a final operating licence will be issued to the companies upon provision of evidence of a conducive business environment at their head offices; An appropriate IT infrastructure and appointment of a head of IT; Appointment of key personnel and submission of the first set of products for Commission’s approval.”

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The commission also added that it was currently processing more applications for possible approvals.

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