NOOR Takaful Insurance Ltd has distributed N116,303,000.00 as surplus to an eligible group of policy holders who did not make claims on their insurance during the 2022 financial year.

The surplus distribution was presented during the second edition of the African Takaful and Non-Interest Finance conference held in Lagos, which was well attended by industry practitioners and stakeholders.

A total of 1,211 participants, including individuals, financial institutions, and private and public organisations would receive surplus payments.

Sterling Bank Plc, Lotus Bank, WAZOBIA FM, Info FM and Cool FM, The Alternative Bank, Berger Paint, The Crescent Schools were presented with N8,497,799.20, N5,227,641.28, N5,085,045.41, N4,669,942.21, N449,930.61 and N232,158.74 respectively.

Delivering his remarks at the event, the Managing Director of Noor Takaful Insurance Limited, Rilwan Sunmonu, disclosed that since the company’s inception of surplus distribution in 2018, more than 5,000 participants have received surplus, totaling more than N400 million.

According to Sunmonu, this milestone is a testament to the unwavering commitment of the company to the principles of Sharia and to its valued participants.

He expressed confidence that the growing number of participants would continue to positively impact lives.

Highlighting the decision to present Surplus to participants through a digital transfer simulation — marking a significant shift from the traditional use of dummy cheques — he stated that the new approach is a demonstration of its commitment to innovation and efficiency, which is geared towards delivering seamless experiences to participants.

He went further to describe the digital presentation of surplus to customers as a reflection of the company’s vision and commitment to moving forward as a company.

Also, the Vice-Chairman of Noor Takaful Insurance Limited, Aminu Tukur, disclosed that the company, which has 15,000 participants, has paid N9 billion in claims in the last seven years.
Tukur noted that the payment of surplus exemplifies the company’s commitment to offering Sharia-compliant solutions to customers.

He disclosed that non-interest finance or Islamic finance, as it is regulated in Nigeria, remains the only kind of finance that offers a fairer alternative to customers.