Alaro canvasses proper understanding of Islamic Insurance
By Abubakar Imam
A former Head of the Department of Islamic Law, University of Ilorin, Prof. AbdulRazzaq AbdulMajeed Alaro, mni, has called for the proper understanding of the tenets, principles and practice of Islamic Insurance, otherwise known as Takaful insurance.
Prof. Alaro, who is also the Director of Quality Assurance Unit at the University, made this plea recently when he led a delegation of the Takaful Advisory Council (TAC) on a courtesy visit to the management of the National Insurance Commission (NAICOM), on a mission to engage the Commission on issues relating to the growth and development of the Takaful insurance business in Nigeria.
The renowned cleric-don described the meeting as the first of its kind, saying that such a meeting would promote exchange of ideas and perspectives between NAICOM management and the TAC.
Prof. Alaro, who is an expert in Islamic finance and Chairman of TAC, called on NAICOM, in its capacity as the industry regulator, to continue to support awareness creation for Takaful insurance, which he identified as a major challenge facing the sector.
Welcoming Members of the Council, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, commended TAC for its commitment and contributions to the development of Takaful insurance in the country.
He described the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful insurance sub-sector.
Mr Omosehin noted that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries.
