Mohammadu Sanusi, Emir of Kano has charged members of the Kano business community to key into the ‘Takaful’ insurance product, currently offered by Jaiz Takaful Insurance Plc to the Nigerian investment public.
Sanusi described the floating of the product as one of the giant steps taken by the insurance company geared at providing alternative investment window as well as a way of mitigating unnecessary risks which most property owners in the country are exposed to.
He made this called in his remarks, while presiding over the official launching of the insurance product which took place in the commercial city of Kano.
Giving insight into the several benefits of the product, the Emir, who is a former governor of the Central Bank of Nigeria, said that the insurance product was conceived with the intention of promoting the value of self- help among Nigerians.
He enlisted the support of members of the business community in enlightening the Nigerian investment public about the tremendous benefits which the product offers.
Delivering the lead address at the occasion, Momodou Musa Joof, managing director, Jaiz Takaful Insurance Plc, disclosed that the company conceived the product with the intention of making it a leading insurance product in the country and West Africa.
“Takaful is a unique Islamic concept of Shariah compliant insurance. The system of Takaful Insurance is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members. It is a pact among a group of members who agree to jointly indemnify the loss or damage that may inflict upon any of them out of the funds they donate collectively.
“The contract of Takaful as a business venture is based on the Islamic profit sharing of Al-Mudarabah principle. In this regard, clients of Takaful known as participants shall be entitled to earn returns on the contributions (premiums) paid in consideration for their participation in the products subject to declaration of profit at the end of the financial year” Joof explained.
Providing further details, Joof revealed that the insurance product covers both General and family (Life), such as: Motor Takaful, with special focus of specific cases, like, comprehensive, third party, fire and theft and third party only
The Takaful Insurance also covers: “Fire and Miscellaneous accident, such as: Fire and allied perils, Burglary, All risk, Fidelity, Quarantee, Public liability, Group personal accident, Goods in transit, Money Takaful and Professional indemnity.
“Engineering Takaful: Contractor `s plant and machinery, contractor`s all risk, machinery breakdown, electronic equipment, Erection all risk. Marine Takaful and Family takaful” he added.
Also speaking at the occasion, Umar Abdulmutalib, chairman of the Insurance Company, commended the emir for the role he played while serving as CBN `s governor which cumulated in the introduction of the product into Nigerian Insurance market.
He also thank the administration of Governor Umar Abdullahi Ganduje for it support to the company, appealed to residents of the state to take advantage of the benefits which the product offers.
The highlight of the launching which was witnessed by a large gathering of Kano residents, two insightful lecturers delivered by Islamic scholars on the benefits of the products.
Kano State Governor, was represented at the occasion by the state Accountant-General, Aisha Mohammed Bello,