Nigeria:2 new takaful companies receive preliminary approval

Two new takaful companies will soon begin operations in Nigeria, following approval in principle received from the National Insurance Commission (NAICOM).

The two new Islamic insurers Cornerstone Takaful Insurance and Salam Takaful Insurance are licensed as composite takaful operators to transact both family and general takaful businesses in Nigeria, reported the news website Leadership.

This new development brings the total number of wholly takaful operators in Nigeria to four. The first two Islamic insurers are Noor Takaful and Jaiz Takaful.

According to NAICOM, a final operating licence will be issued to the companies upon provision of evidence of a conducive business environment at their head offices, an appropriate IT infrastructure and appointment of a head of IT, appointment of key personnel and submission of first set of products for the Commission’s approval.

Source: Middle East Insurance Review