• Commissioner for Insurance, Fola Daniel

    Operating System Of Takaful Insurance

    | 1 Comment

    Takaful industry has evolved over the years and a number of principles have being identified by expert in the industry to guide the operations of Takaful Companies. These principles include takaful key elements, fundamental guiding principle of takaful operations, takaful contract, basic models and the distribution of surplus.   Key Elements/Guiding Principles According to scholars…

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  • Fola Daniel

    Takaful Investment Considerations

    | 3 Comments

    One of the most challenging aspects of insurance business is how to manage money received as premium or contribution in relation to the time interval for paying out money as claims. Unlike the banking practice where a depositor is not normally expected to draw beyond his deposits, the insurance operator is on the contrary expected…

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  • Fola Daniel

    Takaful Insurance Vs Conventional Insurance

    | 5 Comments

    From the onset Takaful insurance is like mutual insurance, the only difference is that there is investment condition and Shariah compliance in Takaful operation whereas there is none in mutual insurance. The whole idea of Takaful operation is borne out of the objective of Shariah (Maqasid al Shariah) which suggest that a Takaful participant is…

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  • Commissioner for Insurance, Fola Daniel

    Takaful Insurance: Towards Deepening Insurance Penetration

    | 2 Comments

    The universal objective of financial inclusion is to facilitate the establishment and delivery of suitable and affordable financial services for the underserved or disadvantaged segments of all human population regardless of race or religion. Addressing the constraints for building inclusive financial sectors is, therefore, paramount in helping to improve the lives of people through the…

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  • Commissioner for Insurance, Fola Daniel

    Takaful Insurance And Quest For Financial Inclusion

    | 1 Comment

    The universal role of insurance as a key sector in the financial service system is increasingly becoming dominant and accepted even among segments of the society which hitherto believed that the practice of insurance is unethical and therefore unlawful. The followers of the Abrahamic faiths (Jews, Christians and Muslims) are among the notable groups of…

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  • Takaful Insurance And Quest For Financial Inclusion

    | 1 Comment

    The universal role of insurance as a key sector in the financial service system is increasingly becoming dominant and accepted even among segments of the society which hitherto believed that the practice of insurance is unethical and therefore unlawful. The followers of the Abrahamic faiths (Jews, Christians and Muslims) are among the notable groups of…

    Continue Reading ...

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