Noor Takaful, is expanding its services with the launch of new product to meet insurance need of its customers, especially in the retail market.
Beside the launch, for the third year Noor Takaful, has announced the distribution of surplus (cashback) payment worth over N36 million to participants (policyholders) who did not make claims, in line with its commitment to promoting ethical insurance in Nigeria.
A total of 621 participants including individuals, private and public organizations, banks and higher institutions of learning, would receive this surplus payment.
The list of customers to receive surplus include BUA Group, Engee Pet ManufacturingLimited, Kano Agric Supply, JAMB, Modibbo Adama University – Yola, SterlingBank and Jaiz Bank. Engee Pet Manufacturing will receive one of the highest amounts worth N1.13 million.
The surplus payment which comes as a result of the Win-Win model of insurance operated by Noor takaful – an indigenous insurance company licensed by the National Insurance Commission in2016 thrives on the pool of funds provided by the participants.
Takaful is the non-Interestfinance insurance that seeks to serve a large market of uninsured Nigerians spread across different parts of the country.
Chairman, Board of Directors, Noor Takaful Insurance Limited, Muhtar Bakare described the surplus distribution extended to participants as a significant milestone for the company noting that this gesture has contributed immensely to unlocking the value in ethically compliance insurance both for individuals and corporate organisations in Nigeria.
“We assure you that we shall carry that burden of trust with probity, diligence and good faith. Noor Takaful will continue to provide innovation and leadership in the takaful industry in Nigeria whilst maintaining high, ethical and professional standards,” he said.
In his remarks, Vice Chairman, NoorTakaful Insurance Limited, Aminu Tukur stated that the distribution of surplus to policyholders has continued to boost interest for the Takaful Insurance market with participants growing daily.
Tukur noted that the company remains committed to being at the forefront of providing personalized ethical insurance that offers tangible value to customers. He further mentioned that the company will continue to make innovations in the insurance industry
A total amount of N1billion has so far been paid in claims to policyholders since inception.