Islamic Finance: Effective Monitoring And Evaluation of Takaful Insurance From NAICOM Will Boost the Growth of the Industry
Takaful, also known as Islamic Insurance came into Nigeria in 2003 with the aim to support financial inclusion among Muslims, Christians and those with ethical-finance inclinations with products offerings which include Family Takaful Business, Individual life, Group life and General Takaful Business.
This edition of Islamic Finance Weekly anchored by Bukola Akinyele focuses on Improving the Regulatory Environment for Takaful Insurance in Nigeria with Mr. Abdullah Abdulrasaq a lecturer in the Department of Islamic Banking Insurance & Finance at the Islamic Finance College, Ilorin, Kwara State where he called for effective Monitoring and Evaluation from the regulator; The National Insurance Commission, NAICOM.
He also called for increased activities in Islamic Insurance education, which will include introducing Takaful to local communities apart from the elites and the need for NAICOM to review the guidelines For Takaful Insurance, which has been long overdue since 2013.
The scholar also believed Nigerian tertiary institutions need to embrace Islamic Insurance, while the regulator and operators should work towards increasing sensitization at the grassroot level, as well as seminars and conferences that will lead to the growth of the industry.
The global Takaful Market as at 2017 was $19b and is projected to exceed $40b by 2023.