Our business is guided by the principle of Takaful, which operates on the concept of contributions (premiums) made by the participant (the insured), which are then pooled into a common fund managed by the company. If any participant suffers a loss from any defined peril, he or she will be indemnified from the common fund.
Takaful is based on the concept of cooperation, which gives contributors mutual indemnity in the case of any peril or loss.
It is open to everyone without any religious, racial or ethnic discrimination.
Our goal is to provide a better insurance alternative to all Nigerians, one that is mutually beneficial to all participants and stakeholders.
How does Takaful differ from conventional insurance?
It is fundamentally different from conventional insurance because the Takaful fund does not belong to us. The contributions paid by participants belong to them, we only manage the fund for a fee and a share of the profits, (if any). This means that all participants of Noor Takaful Holdings who have not made a claim will be entitled to a share of the profit (surplus) from the Takaful fund payable at the end of the underwriting year.
Why Takaful?
Takaful is perfect for people seeking ethical financial products that align with their values.
In Takaful, the risk is shared among all participants, rather than being transferred to the insurer as in conventional insurance. This mutual cooperation fosters a sense of community and shared responsibility.
Any surplus or profit is distributed among the participants, rather than being retained by the insurance company. This is therefore a more equitable distribution of profits and encourages transparency and fairness.
Takaful funds are invested in ethical assets, avoiding industries or activities that are considered harmful or unethical, such as alcohol, gambling, and pork production. This ethical investment strategy aligns with socially responsible investing.
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