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Tag: National Insurance Commission

  • Noor Takaful Insurance Ltd host maiden African Takaful and Non-Interest Finance Conference in Lagos

    Noor Takaful Insurance Ltd host maiden African Takaful and Non-Interest Finance Conference in Lagos

    Noor Takaful Insurance Ltd, the leading provider of Takaful Insurance solutions, proudly hosted the African Takaful and Non-Interest Finance Conference. The event gathered industry leaders, experts, and stakeholders across Africa to discuss and explore the transformative potential of technology as it drives Takaful and non-interest finance in Africa.

    The two-day conference with the theme’ Leveraging Technology to Build on the Opportunities of Takaful & Non-Interest Finance in Africa’ held in Lagos on, August 1 & 2, 2023 provided a platform for dialogue and knowledge exchange, fostering a deeper understanding of Takaful and non-interest finance as ethical and inclusive alternatives to conventional financial systems.

    Delivering his welcome remarks at the occasion, the Chairman, Noor Takaful Insurance Limited, Muhtar Bakare explained that the decision to organize the conference was borne out of the commitment to deepen understanding and increase awareness about Takaful while also resolving the long-standing socio-economic contradictions on the African continent, notably the issue of mass poverty in Africa.

    He also informed the gathering that the company planned to make the conference annual. Bakare noted that the conference is intended to create an ecosystem of knowledge sharing while analyzing regulatory frameworks and policy recommendations to support the growth of Takaful and Islamic finance initiatives in Africa.

    Speaking at the event, special guest of honour, His Royal Highness, Khalifa Muhammad Sanusi II expressed great delight at the steady growth of Islamic finance in Nigeria.

    Sanusi noted that there is a need for practitioners to see technology as a big enabler in advancing the Takaful model and non-interest finance in Africa. He also harped on the need for industry players to collaborate on the best way possible to improve regulations.

    In his keynote address, Deputy Commissioner for Insurance who represented the Commissioner for Insurance, National Insurance Commission (NAICOM), Sabiu Abubakar stated that the Commission is trying its best to support operators in promoting the growth of Takaful in Nigeria with market-friendly regulations.

    Abubakar stressed the need for industry players to embrace technology in the quest to expand the markets and enhance the efficiency of the Takaful model.

    In his remarks, the Guest Speaker and former Commissioner, National Insurance Commission, Mohammed Kari (The Wazirin Bauchi) noted that though the penetration of non-interest finance is still relatively low in Africa, there is a huge market potential that needs to be tapped.

    Kari stated that leveraging advanced technology such as chat GPT, blockchain has the potential to enhance transparency, reduce fraud and streamline processes in Takaful and Islamic finance operations.

    He advised operators to work together in restructuring the regulatory frameworks of the industry in Africa to ensure that it complies with the principles of Shariah as this would go a long way to creating a conducive environment for the growth of the sector.

    On his part, Vice-Chairman, Noor Takaful, Aminu Tukur stated that Takaful has, without a doubt, become the best alternative form of insurance in Africa given the way it has gained acceptance over the years.

    Tukur who gave more insights on the benefits of Takaful explained there is a need for stronger commitment on the part of stakeholders to deepen penetration.

    Takaful, which operates in compliance with Sharia principles, is built on equity and fairness to foster prosperity.

    The two-day event featured several panel sessions that included industry experts from Nigeria and other countries such as Egypt, Kenya, Bahrain, USA among others. Issues ranging from financial education to the role of technology in Takaful among others were deliberated upon at the conference.

    Another key highlight of the Conference was the call from stakeholders for collaboration on regulations to foster the growth of Takaful in Africa.

  • Stanbic IBTC Expands Services With Life Insurance Subsidiary

    Stanbic IBTC Expands Services With Life Insurance Subsidiary

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has introduced an insurance subsidiary – Stanbic IBTC Insurance, thereby adding to its ever-growing bouquet of financial services available to the public. The addition of the insurance subsidiary followed regulatory approvals as well as the issuance of a license from the National Insurance Commission (NAICOM) which granted the new entity the right to commence its business operations.

    Speaking at the launch of the new business, Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance stated that the new business will continue in the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.

    Stanbic IBTC Insurance has developed a variety of simple Life insurance products that will address the unique insurance needs of its customers. It will also facilitate long-term insurance for individuals by offering them innovative and seamless insurance solutions that can be accessed electronically with ease. This means that consumers will be able to purchase insurance products, make timely claims submissions quickly and efficiently from wherever they are.

    While commending the government and industry regulator – NAICOM, on the great achievements made in the insurance industry, Mr. Orimolade highlighted some improvements that would aid industry growth and enhance customer experience. At the top of the list would be for the National Insurance Commission to continue to collaborate with service providers to encourage the use of technology in delivering seamless insurance solutions to everyone.

    The Chief Executive also spoke on the low level of insurance penetration in the Nigerian market. He emphasised that there are bountiful opportunities to grow the Nigerian insurance market since less than 10 per cent of the Nigerian populace are currently insured, not to mention that more and more Small and Medium Enterprises (SMEs) are now seeking out insurance solutions. This is a clear indicator of room for growth in the industry. It will also be ideal for insurance to partner with Telcos to improve on the lives of customers.

    “The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives,” Orimolade stated. He further highlighted the need to innovate and evolve to meet the changing needs of the insurance ecosystem and this is where Stanbic IBTC Insurance comes in.

    “The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made. We are positive that this venture will bring smiles to the faces of our customers”; the Stanbic IBTC Insurance Chief Executive added.