Jaiz Takaful Insurance Limited has announced a ₦118 million surplus from its 2023 financial year — a profit now being shared among customers who made no claims during the period.
Managing Director Ibrahim Usman disclosed this during the surplus distribution ceremony in Abuja, explaining that the declaration followed approval of the company’s financial statement by the National Insurance Commission (NAICOM).
“The ₦118 million surplus is being distributed among participants who didn’t file any claims in 2023,” Usman said, adding that payouts are made in proportion to each customer’s contribution.
“Someone who contributed ₦1 million will naturally receive more surplus than another who paid ₦100,000,” he explained.
Usman highlighted that Takaful remains the only insurance model in Nigeria that returns profits to customers who don’t make claims — a “win-win” system based on risk-sharing rather than risk-transfer.
“In conventional insurance, the company takes the risk. In Takaful, participants share the risk among themselves while we manage the funds transparently,” he said.
He noted that the Takaful system has attracted Nigerians who were previously skeptical about insurance, either for religious reasons or lack of trust.
“Takaful is for everyone. It’s a fairer and more transparent model that rewards prudence and partnership,” he said, urging more Nigerians to embrace it.
Usman added that while Jaiz Takaful operates locally, it also partners with international reinsurers and assessors to strengthen its operations.
Meanwhile, Chairman Zainab Abdulrahman thanked stakeholders for their continued trust, acknowledging that the ₦118 million surplus represents a 48.9% drop from the ₦230.8 million declared in 2022.
She attributed the decline to inflation, currency depreciation, and a spike in Family Takaful claims — factors that strained the company’s risk fund.
Despite the economic headwinds, Abdulrahman reaffirmed Jaiz Takaful’s commitment to Shariah-compliant, transparent, and customer-focused insurance services.
“Our surplus may be lower this year, but our integrity and dedication remain unwavering. Surplus sharing reflects our core principles of equity, transparency, and shared success,” she said.
With the latest payout, Jaiz Takaful continues to stand out as Nigeria’s leading ethical insurer, rewarding loyalty and deepening inclusion in the country’s evolving financial landscape.
