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Nigeria eyes $25tr Global Takaful insurance market in 2025

The National Insurance Commission (NAICOM) yesterday assured of the readiness of Nigeria to tap into the global Takaful Insurance market that is projected to grow…

The National Insurance Commission (NAICOM) yesterday assured of the readiness of Nigeria to tap into the global Takaful Insurance market that is projected to grow to $ 25 trillion in 2025.

Commissioner for Insurance and Chief Executive of NAICOM, Mr. Sunday Thomas spoke in Lagos during the African Takaful and Non-Interest Finance Conference organised by Noor Takaful Insurance Limited.

The two-day conference has as its theme, “Leveraging Technology to Build on the Opportunities of Takaful and Non-Interest Finance in Africa”.

Represented by the Deputy Commissioner, Alhaji Sabiu Abubakar, the NAICOM Chief Executive pointed out that the Global value of Takaful Insurance is in excess of $2tr with a projected upward trajectory of $25trillion in the next two years (2025).

According to him, many Sharia Compliant Fintechs are popping up in Islamic and non-Islamic nations with potentials to lift millions of Muslims and non-Muslims and extend financial services to the underserved.

Special Guest of Honour and Former Governor of Central Bank of Nigeria (CBN), Khalifat Muhammad Sanusi 11 who introduced the Non-Interest Banking model in during his stint in the apex bank said he was pleased to see the massive development of Islamic finance despite the initial doubt and cynicism.

He doused the fear and apprehension over the propriety of introducing digital innovations which might conflict with the Sharia principle of the Takaful Insurance noting that “As long as the products comply with Sharia, the technology you use is permissible ‘’, Sanusi stated, adding that the technology could  be Blockchain, AI, Data Analytic, among others with potentials to deepen ethical insurance penetration.”

 

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