There is a huge untapped potential for insurance which is currently under-served by the insurance industry in Nigeria. For example, the insurance penetration rate for Nigeria as a percentage of the GDP in 2014 only registered 0.3% as compared to South Africa at 14% and Kenya at 3%.
This has prompted the public as well as the government to embark on strategic initiatives to tap into this potential. For this purpose, the Central Bank of Nigeria (CBN) in collaboration with other industry regulators such as the National Insurance Commission of Nigeria (NAICOM) promulgated the ‘Nigerian Financial System Strategy (FSS 2020)’. One of the key objectives of the FSS is to create an Efficient, Progressive and Comprehensive Financial System where Takaful shall be a Key Component.
Towards this development, Noor Takaful Ltd was established and duly licensed by NAICOM in April 2016 as the first full fledge composite takaful insurance operator in Nigeria with a 100 percent indigenous Nigerian shareholding. In this respect, Noor Takaful shall play the pioneering and leading role in unlocking takaful insurance potential for Nigeria.
Noor Takaful’s operational framework is regulated by NAICOM and is also subject to the provisions of the Insurance Act 2003.
As a composite takaful operator, Noor Takaful offers all lines of business involving General and Family Takaful products to cater for the needs of all Nigerians both for the corporate, retail and government sectors.
In order to ensure the efficiency and excellent service delivery of our products and services to our customers, Noor Takaful leverages on state-of–the-art technology in its business approach, processes and channels, benchmarked with the best practices in the market.
As part of our endeavor to ensure efficient delivery of our services to the public, branches in Kano and Abuja have been opened. Plans are underway to open additional branches in Port Harcourt and Ibadan.