NAICOM approves 2 new Takaful insurance companies

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Nigeria’s financial sector and service options expanded further yesterday, as the National Insurance Commission (NAICOM) granted approval-in-principle to Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company Limited under the composite category.

The development would see the new entrants into the nation’s insurance sector transact both family and general Takaful businesses in Nigeria. It also brings the total number of wholly Takaful operators in the country to four, having earlier granted a licence to Noor Takaful and Jaiz Takaful in 2016.

The Deputy Director/Head of Corporate Affairs of NAICOM, Salami Rasaq Obomeile, disclosed this to The Guardian in Abuja, yesterday. Obomeile also said that the regulatory support to the two new companies is in line with the commission’s drive for inclusion towards increasing insurance penetration in Nigeria.

According to him, a final operating licence will be issued to the companies upon provision of strong evidence, which includes 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 the first set of products for the commission’s approval. He stressed that the commission is currently processing more applications for possible approvals.

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