Thursday, September 02, 2021 / 11:55 AM / By Bukola
Akinyele-Yisau for WebTV / Header Image Credit: Ecographics
WebTV, a leading digital TV platform, will, on Wednesday, September 22nd, 2021, host the 2nd edition of its Islamic Finance Weekly Webinar Series, which will discuss the theme "Islamic Finance and Insurance".
Islamic insurance is a term used for takaful that is a form of insurance based on principles of mutuality and co-operation, encompassing the elements of shared responsibility, joint indemnity, common interest and solidarity.
Takaful, on its part, was founded on the cooperative principle and the principle of separation between the funds and operations of shareholders, thus passing the ownership of the Takaful (Insurance) fund to the policyholders.
According to a report published by Allied Market Research, the global Takaful insurance market garnered $24.85 billion in 2020. It may generate $97.17 billion by 2030, witnessing a CAGR (Compound Annual Growth Rate) of 14.6% from 2021 to 2030.
Also, in its analysis, S & P Global Ratings projected that the Global Takaful Industry would grow by 10% in 2021. From its recent report, the Islamic finance industry in Nigeria is in its early stages of development, with considerable growth potential.
About 500 Takaful companies operate in 72 countries, ensuring risk and asset management in the Islamic banking and finance industry.
In Nigeria, 4 takaful companies are operating at the moment. The companies are Jaiz Takaful, Noor Takaful, Hilal Takaful, and Salam Takaful.
Despite having 4 takaful companies in Nigeria, there is still a need to deepen Islamic insurance penetration in Nigeria.
As part of efforts to broaden the conversation, the second Islamic Finance Weekly webinar series will provide an avenue for the regulators, experts, operators and insurance brokers to expand the discussion on the opportunities for leveraging Islamic insurance in Nigeria.
To promote enlightenment and education in the market, WebTV in 2019 commenced its Islamic Finance Weekly Programme (the first and only dedicated non-interest finance online TV programme in Nigeria) to document the Nigerian non-interest financial market developments.
The webinar, scheduled for 10.00am WAT, also serve as an avenue to enlighten corporate entities and investors about non-interest finance opportunities in the Islamic Insurance System, providing their perspectives on the following topics;
The Webinar will have as its Keynote Speaker, Mr. Thomas Olorundare Sunday - Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), and will also feature experts and analysts in the industry. Some of the confirmed speakers expected to feature include:
Islamic Finance provides immense opportunities to deepen the capital market, boost liquidity, stimulate financial inclusion, enable product development and serve as a viable alternative source of finance. Nigeria, with over 200m people with about 50% Muslims, has been described as a potential strategic hub for Islamic Finance in Africa.
This Webinar will improve enlightenment and education about opportunities in Islamic Insurance.