The National Insurance Commission (NAICOM) reaffirms commitment to expanding Takaful insurance in Nigeria as a tool for deeper insurance penetration and broader financial inclusion.
Commissioner Olusegun Omosehin, speaking after a high-level Diagnostic Assessment Mission by the Islamic Financial Services Board (IFSB), said the regulator is determined to leverage Takaful to drive inclusive growth and sustainable economic development.
He urged the IFSB to provide practical, data-backed recommendations to strengthen regulatory reforms and support market development, stressing that Takaful should be treated as a distinct alternative insurance model—not merely a subset of conventional insurance—capable of serving diverse consumers under Shariah governance.
Key priorities include tightening risk-based capital rules, enhancing supervisory frameworks, boosting data transparency, and ensuring prudent surplus management to protect participants and enable sustainable industry expansion. Preliminary findings from the mission outline steps to improve Nigeria’s legal, regulatory and supervisory architecture for Takaful.
NAICOM describes its partnership with IFSB as a milestone toward building a resilient Takaful ecosystem that promotes financial stability, consumer confidence, policyholder protection and responsible innovation. The full assessment report will be published after stakeholder review and incorporation of feedback.
