NAICOM Approves Two More Takaful Insurance Applications

Yemisi Izuora 

The National Insurance Commission (NAICOM) has issued in principle to Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd as Composite Takaful operators to transact both family and general Takaful businesses in the country.

This new development brings the total number of Takaful operators to four (4), having earlier in 2016 granted licence to Noor Takaful and Jaiz Takaful respectively.

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 Commission’s approval.

The Commission is currently processing more applications for possible approvals.

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