By Abdulfattah Abdussalam
Malam Ibrahim Usman Shehu, the Managing Director of JAIZ Takaful Insurance Plc, recently stunned the audience present at the occasion of the highest surplus money sharing programme for JAIZ Takaful policyholders in Lagos State. There, he mentioned the company policy towards insurance claims in all categories of its operations.
In the ceremony held at the Lagos Airport Hotel, Shehu, said unlike what is obtainable in conventional insurance practice, where claims can take a long while, at JAIZ Takaful Insurance; it is paid under 24 hours once all the actuarial necessities calculated. He says this is in line with the slogan of the company, “A Bond beyond insurance. The philosophy makes the company go the extra mile making our policyholders happy by sharing the profits made from the investments we go into with their contributions (premium paid)”. While taking the audience through the journey that culminated in sharing the surplus to participants, the Managing Director explains that: unlike conventional insurance, in which risk is transferred from the insured to the insurer under, the Takaful risk is shared amongst the participants and is based, on the concept of social cooperation.
Furthermore, participants contribute to a Takaful fund for mutual indemnification of losses of members or damage that may inflict upon any of them from the fund they contributed collectively. And because it is a Sharia-compliant, it behoves the company to share with its policyholders the surplus accrued from the investment done with the premium paid for being a participant. He informed the audience that the company was incorporated and approved by the National Insurance Commission (NAICOM), the regulatory body of insurance companies in Nigeria, to operate as a full fledged Takaful company. Unlike others who run micro Takaful windows, JAIZ Takaful has the capacities and abilities to undertake any insurable risks across the insurance space in the country, but it must be under the principles and practice of Islamic insurance policy.
Malam Abidu Yazid, the board Chairman, in his welcome address, told the audience: “In the last few years when the company has been operating, it has consistently demonstrated exemplary performance, in meeting and exceeding key parameters in business results… Our commitment to the best in takaful business shall remain unwavering as we continue to leverage the technology to communicate with customers. It is clear that today’s business world is empowered and driven by technology.”
JAIZ Takaful is one of the pioneers of its kind of insurance in Nigeria, a leader in ethical financing and remains the best in employees’ welfare, being the highest-paid company in the sector. It started operations fully in August 2016, with headquarters in Abuja.