Nigeria’s nascent takaful market holds promise for future growth, according to the country’s insurance commissioner, Mr. Olusegun Omosehin. Although takaful currently accounts for just 1-2% of the insurance sector, it has seen an impressive annual growth rate of over 34% in recent years. The National Insurance Commission (NAICOM) is actively collaborating with regulators to expand Shariah-compliant investment options and has licensed five takaful operators since issuing operational guidelines in 2013. Educational initiatives and stakeholder engagement efforts are also underway to raise public awareness of the benefits of takaful.
