Noor Takaful Shares N208m Surplus With Non-claiming Policyholders

Noor Takaful Insurance Limited, the pioneering and foremost composite Takaful insurance company in Nigeria, has disbursed a total surplus of Two Hundred and Eight Million, Four Hundred and Ninety-Six Thousand, Eight Hundred Naira (N208,496,800.00) to eligible policyholders who remained claim-free during the 2021 fiscal year.

The surplus allocation was announced recently as part of the two-day African Takaful and Non-Interest Finance conference held at the Oriental Hotel, Lagos. The event drew substantial attendance from industry professionals, stakeholders, international insurance experts, brokers, agents, and media representatives.

Recipients of the surplus included individuals, private and public organizations, and financial institutions. Among the beneficiaries were Lotus Capital Limited, Jaiz Bank Plc, Sterling Bank Plc, Ahmed Zakari & Co, Nasco Group, Istabraraqim Nigeria Limited, and the Kings College Old Boys Association, among others.

For instance, Sterling Bank Plc, Jaiz Bank Plc, and Lotus Bank Limited were allocated N13,477,583.42, N13,151,076.33, and N1,495,559, respectively, while the Kings College Old Boys (19977-1982 set) received N465,957.70.

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Speaking at the event, Rilwan Sunmonu, the Managing Director of Noor Takaful Insurance Limited, elaborated that out of the total surplus of N208,496,800.00, N173,994,800 would be distributed under the Group Family Takaful segment, while N34,502,000.00 would be allocated within the General Takaful category. These amounts take into account reserves and Jualah/performance incentives for the Takaful Operator. The surplus distributions have been sanctioned by the National Insurance Commission (NAICOM), the regulatory body overseeing Noor Takaful Insurance Ltd.

Sunmonu emphasized that the surplus distribution aligns with the core principles of Takaful, highlighting that the company’s commitment to providing Sharia-compliant solutions to policyholders and promoting Takaful as the superior alternative insurance is underlined by the payment of surplus. He reiterated that Noor Takaful was the first Takaful operator to declare a profit and has consistently shared surplus annually since its inception in 2017.

Reassuring the Nigerian public of the company’s transparent operations, Sunmonu expressed sincere gratitude to NAICOM for creating a conducive environment that has contributed significantly to advancing the adoption of Islamic finance in Nigeria.

Aminu Tukur, Vice-Chairman of Noor Takaful Insurance Limited, also addressed the audience, characterizing the surplus payment as a fulfillment of the company’s commitment to its policyholders. He highlighted the substantial acceptance Takaful insurance has gained among Nigerians over recent years, emphasizing the enhanced treatment, prompt claims processing, and surplus benefits for policyholders who remain claim-free.

Tukur extended gratitude to stakeholders for their support of the conference’s success and pledged the company’s ongoing leadership in the Takaful Insurance sector. He affirmed the company’s dedication to introducing innovative approaches that will further stimulate Nigerians’ interest and engagement with Takaful products.