The National Insurance Commission (NAICOM) has reaffirmed the its commitment to unlock the potential of Takaful for expanding insurance penetration.
Mr Olusegun Omosehin, the Commissioner for Insurance/Chief Executive of NAICOM made this known in a statement on Saturday in Abuja.
Omosehin said that the commitment was reaffirmed at a just concluded high-level delegation from the Islamic Financial Services Board (IFSB) of a Diagnostic Assessment Mission on Takaful sector.
He said that the commission would promote financial inclusion, and support sustainable economic development across Nigeria.
He encouraged the delegation from IFSB to provide practical and data-driven recommendations that would support ongoing regulatory reforms and market development initiatives.
Omosehin said that Takaful was an alternative insurance model, rather than a subset of conventional insurance.
He said that it had the capacity to serve a broad spectrum of consumers while operating within established Shariah governance principles.
The commissioner emphasised the importance of strengthening risk-based capital and supervisory frameworks, enhancing data transparency.
According to him, it will adopt 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 views its collaboration with the IFSB as a significant milestone in the development of a robust and resilient Takaful ecosystem.
“The partnership is expected to contribute to greater financial stability, increased consumer confidence, stronger policyholder protection, and responsible innovation within the insurance industry,” he said.
Je said that comprehensive report on the Diagnostic Assessment Mission will be released upon the conclusion of the review process and incorporation of stakeholder feedback.
