The National Insurance Commission (NAICOM) on Tuesday had its Takaful Advisory Council (TAC) inaugurated by the Minister of State for Finance, Mr. Bashir Yuguda, to ensure a financially inclusive insurance sector.
The council will provide Sharia compliant insurance policies that will complement Nigerian banks practicing Islamic financing.
Yuguda said that for an economy to thrive, there must be a viable insurance sector, adding that the policy was not only about pulling of risk but also strengthening of government and the entire economic structure.
He said the policy was in line with President Goodluck Jonathan’s transformation agenda.
“What the government is trying to do is to develop policies and programmes that will not only impact on the insurance sector but will help the economy of the country.
“ We believe this is a new chapter for the industry; it will help generate more income for the sector and we believe it will also deepen the industry.’’
The minister urged the inaugurated council to collaborate with the government and deliver on their task.
He called on Nigerians to give the team all the necessary support, adding that the government would also avail the council maximum support.
Earlier, the Commissioner for Insurance, NAICOM, Mr. Fola Daniel, said that TAC was initiated to complement CBN’s Financial System Strategy (FSS) 2020 and the National Financial Inclusion Strategy.
“ The TAC is also established to advise and guide the commission on all Sharia matters regarding the Takaful undertakings.
“ It is my personal conviction that the inauguration is another step towards the implementation of the Takaful guidelines.
Also, the Chairman of the council, Prof. Dawud Noibi, said that an economy could only be effective when it was inclusive, noting the Federal Government’s reason for setting up the council.
Noibi commended the commission and the Federal Government for the appointment of the team and assured of the team’s commitment to achieve the set goals.
He said:“ It is a call to duty and we will do everything possible to fulfill the task in a manner that will be beneficial not only for this generation but also generations unborn.”