Noor Takaful distributes N116m surplus to participants

Noor Takaful Insurance Limited, the pioneer and leading composite Takaful insurance firm in Nigeria, has distributed a total of onehundred and sixteen million, three hundred and three thousand naira (N116,303,000.00) as surplus to an eligible group of policyholders who did not make claims on their insurance during the 2022 financial year.

The surplus distribution was presented on Wednesday, 13 November 2024, during the second edition of the African Takaful and Non-Interest Finance conference held at Lagos Oriental Hotel, Lagos. The conference was well attended by industry practitioners, relevant stakeholders, international insurance experts, brokers, agents, and the media, among others.

A total of 1,211 participants including individuals, financial institutions, and private and public organizations would receive surplus payments

Sterling Bank Plc, Lotus Bank, WAZOBIA FM, Info FM and Cool FM, The Alternative Bank, Berger Paint, The Crescent Schools were presented with N8,497,799.20, N5,227,641.28, N5,085,045.41, N4,669,942.21, N449,930.61 and N232,158.74, respectively.

Delivering his remarks at the event, the Managing Director of Noor Takaful Insurance Limited, Rilwan Sunmonu, disclosed that since the company’s inception of surplus distribution in 2018, more than 5,000 participants have received surplus, totaling more than N400 million.

According to Sunmonu, this milestone is a testament tothe unwavering commitment of the company to the principles of Sharia and to its valued participants.He expressed confidence in growing thenumber of participants so that it would continue to positively impact lives.

L-R: Member, Advisory Council of Experts, Noor Takaful Insurance Limited, Warshu Tijani-Rabiu; Head, Transaction Banking, The Alternative Bank, Dumebi Oshunkeye; Managing Director, Noor Takaful Insurance Limited, Rilwan Sunmonu and Chief Technology Officer, Noor Takaful Insurance Limited, Taofeek Solabi during the presentation of N4.6m worth of surplus distribution to the Alternative Bank at the second edition of African Takaful and Non-Interest Finance Conference in Lagos Wednesday

Highlighting the decision to present Surplus to participants through a digital transfer simulation—marking a significant shift from the traditional use of dummy cheques—he statedthat the new approach is a demonstration of its commitment to innovation and efficiency, which is geared towards delivering seamless experiences to participants. He went further to describe the digital presentation of surplus to customers as a reflection of the company’s vision and commitment to moving forward as a company.

Also, the Vice-Chairman of Noor Takaful Insurance Limited, Aminu Tukur, disclosed that the company, which has 15,000 participants, has paid N9 billion in claims in the last seven years.

Tukur noted that the payment of surplus exemplifies the company’s commitment to offering Sharia-compliant solutions to customers.He disclosed that non-interest finance or Islamic finance, as it is regulated in Nigeria remains the only kind of finance that offers a fairer alternative to customers, urging them to take advantage of it.

Noor Takaful Insurance Ltd., a takaful insurance firm established and duly licensed by NAICOM in April 2016 as the first full-fledge composite takaful insurance operator in Nigeria with a 100 percent indigenous Nigerian shareholding. The company currently plays the pioneering and leading role in unlocking takaful insurance potential for Nigeria. Its operational framework is regulated by NAICOM and is subject to the Insurance Act 2003.