Jaiz Takaful Insurance Disburses N230.8m Surplus To Customers

Shariah compliant Insurance firm, Jaiz Takaful has approved the disbursemenet of a surplus of N230,806,451.75 to its participants/customers for the year end 2022. The disbursed figure reflects a 51.2 percent increase over the surplus declared in 2021 of N152,596,760.88.

Managing director/CEO of the company Ibrahim Shehu gave the figures yesterday at a press conference on 2022 surplus sharing to the eligible participants in Abuja.

Details of the the total amount being declared showed that General Takaful operations produced N62,380,190.81- followed by Motor Takaful class, which accounted for N60,010,884.38.

Additional classes, including Agriculture, General Accident, and Marine, demonstrated notable growth but did not make Surplus. Also, Takaful classes such as Erection All Risk and Contractor All Risk did not yield any surplus.

Family Takaful Operations also significantly advanced, generating N58,151,531.29 for both Individual and Group Takaful classes.

Chairman of the board of directors of the Bank, Hajiya Zainab Abdurrahman said the achievement serves as evidence of the prudent management of Takaful funds, the loyalty and trust of the participants, the dedication of the staff of the company, and the unwavering support, guidance, and cooperation of the board.

Meanwhile, the board of Jaiz Takaful Insurance has set a self imposed operational target of N6 billion for the coming year, an ambitious leap from the current over N2 billion level.

The insurance firm said it also hopes to increase its customers base from the current level of 500 million participants to 1 million between now and 2030.

Both the board chairman and MD lamented the current harsh economic conditions the company had to operate to record the declared surplus. According to them, the deregulation of the oil sector, exchange rate volatility and devaluation of the Naira were among the major challenges that confronted the company in the year under review.

“Despite these challenges, our organization has remained steadfast in adhering to the Islamic values of cooperation, solidarity, and fairness.

“In the allocation of this surplus to our participants, we are fulfilling not only our contractual obligations but also reinforcing the principles of Islamic finance, which emphasize fairness, transparency, and justice. We are reaffirming our motto of Sharing and Caring,” Hajiya Abdurrahman stated.

Within the landscape of Islamic finance in Nigeria, Jaiz Takaful brags that it stands as a beacon of hope and a tangible example of Takaful’s advantages.

” We, as a board, will continue to challenge and encourage our Management and staff to be the best versions of themselves,” Abdurrahman stated.