Salam Takaful Insurance Limited Shares Surplus With 220 Customers, Unveils New Brand Identity In Kano

More than 200 customers benefitted from the second surplus-sharing initiative organised by Salam Takaful Insurance Limited in Kano on Wednesday, as the company also officially unveiled its new brand identity and digital application.

The event brought together company partners, financial institutions and prospective investors, and featured presentations on the principles of Islamic insurance and how it differs from conventional insurance practices.

In Islamic insurance, also known as Takaful, surplus sharing refers to the distribution of excess funds generated from participants’ contributions after claims and operational expenses have been settled. Unlike conventional insurance where profits are retained solely by operators, the Takaful model allows contributors to share in the surplus when the risk pool performs well.

Chairman of Salam Takaful Insurance Limited, Musbahu Bashir, said the company was committed to ensuring customers derive value from their contributions through the Islamic surplus-sharing model.

“We aspire to ensure our customers get value for their investment in insurance contrary to the conventional model where you put in money and might end up getting nothing. Here we ensure your money works for you,” he said.

Bashir explained that the company was founded in 2020 following a devastating fire incident that affected several business owners.

“We started this company in 2020 to assist business owners after a sudden blaze destroyed their properties. So I started this company as a way to help people like that and today we are able to provide various packages to suit the needs of our customers,” he added.

He noted that the number of beneficiaries had grown significantly within one year, rising from 44 recipients during the first surplus sharing to 220 this year.

“Last year over 44 people were involved in the surplus sharing and this year we have 220 people so it is a massive improvement,” Bashir said.

The chairman also stressed that Islamic insurance is open to people of all religious backgrounds.

“What I always reiterate is Islamic insurance is open and accommodating of people from every faith not just Muslims and you can start with any amount you have. You don’t have to wait to amass millions before you begin insurance,” he stated.

Among the major beneficiaries of the surplus-sharing initiative were A.A Rano Nigeria Limited, which received a surplus payment of N44.7 million, and Malcomines Minor Metals Ltd, which received N7.8 million.

Other notable beneficiaries included the National Intelligence Agency, which received N6.5 million, TAJ Bank with N2.6 million, and Jaiz Bank, which received N1.6 million.

Additional recipients included Federal University of Health Sciences Teaching Hospital, Kano State Contributory Healthcare Management Agency and Noor Takaful, among others.

The company also unveiled its new logo and digital application during the event as part of efforts to improve accessibility and meet the growing digital needs of customers.

According to the company, the application is designed to bring insurance services closer to clients through a user-friendly interface equipped with security features aimed at protecting customer privacy and data.

Representing the Emir of Kano, Shehu Muhammad urged business owners to take advantage of Islamic insurance to protect their investments against unforeseen disasters.

“Recently there have been several instances of inferno destroying millions worth of property and crippling businesses. Islamic insurance will provide a cushion and safe landing for business owners without breaking Islamic teachings that have bound us Muslims to stay away from Riba which is interest,” he said.

The event also featured the presentation of surplus cheques to beneficiaries, an interactive question-and-answer session for prospective customers, and award presentations to some of the company’s longstanding customers and partners in recognition of their support.