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Underwriter records N36 million surplus cashback

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Noor Takaful Insurance Limited has distributed a surplus cashback of over N36 million to policyholders who did not make claims during the policy. This was revealed at a recent event.

The guest speaker at the event, His Highness, Khalifa, Muhammadu Sanusi II, described the distribution of surplus as a landmark achievement not only for the company but also for Nigeria’s financial sector given that it represents the growth trajectory of Islamic finance in the country.

Sanusi explained that Takaful insurance as the financial model remains an alternative and complementary system of financial intermediation for the benefit of Nigerians.

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He said: “The concept and practice of the distribution of surplus by the insurer is an added value proposition, which is non-existent in conventional insurance, thus making Takaful advantageous to its patronisers. You don’t have to be a Muslim to operate Takaful. It is an alternative to conventional insurance which complements all classes of clients without discrimination. The realisation of the surplus distribution is a testament to the success in its underwriting activities”

The Chairman, Board of Directors, Noor Takaful Insurance, Muhtar Bakare, described distribution extended to policyholders as a significant milestone for the organisation and that the gesture has contributed hugely to unlocking the value in ethically compliance insurance.

While applauding the regulator, partners as well as participants for their support and understanding, Bakare assured them that the company would continue to take all the necessary steps to meet its obligations and commitments to clients and other stakeholders.

“We assure you that we shall carry that burden of trust with probity, diligence, and good faith. Noor Takaful will continue to provide innovation and leadership in the takaful industry in Nigeria whilst maintaining high, ethical, and professional standards,” he added.

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