Ebere Nwoji
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has said that the National Insurance Commission (NAICOM), is committed to unlocking the immense potential of Takaful as one of the strategic vehicle for expanding insurance penetration, promoting financial inclusion, and supporting sustainable economic development across Nigeria.
Omosehin, stated this while receiving a delegation of experts from the Islamic Financial Services Board (IFSB), following the successful completion of a Diagnostic Assessment Mission on Nigeria’s Takaful sector.
He encouraged the delegation to provide frank, practical, and data-driven recommendations that would support ongoing regulatory reforms and market development initiatives.
The delegation, led by Dr. Hamim Syahrum Ahmad Mokhtar, briefed the commission on the preliminary outcomes of its mission, which concluded a five-day engagement with key stakeholders, including regulators, Takaful operators, industry associations, and development partners.
Omosehin, further reiterated that Takaful was an alternative insurance model, rather than a subset of conventional insurance, and has the capacity to serve a broad spectrum of consumers while operating within established Shariah governance principles. He emphasised the importance of strengthening risk-based capital and supervisory frameworks, enhancing data transparency, and adopting prudent surplus management practices that protect participants while ensuring the sustainable growth of the sector.
The preliminary findings of the mission identified several measures aimed at strengthening the legal, regulatory, and supervisory framework for Takaful in Nigeria.
NAICOM viewed its collaboration with the IFSB as a significant milestone in the development of a robust and resilient Takaful ecosystem in Nigeria. The partnership was expected to contribute to greater financial stability, increased consumer confidence, stronger policyholder protection, and responsible innovation within the Nigerian insurance industry. The commission said a comprehensive report on the Diagnostic Assessment Mission would be released upon the conclusion of the review process and incorporation of stakeholder feedback.