The National Insurance Commission (NAICOM) says findings from a five day Diagnostic Assessment Mission on Nigeria’s Takaful sector will feed directly into ongoing regulatory reforms, as it hosted a team of experts from the Islamic Financial Services Board (IFSB) at its headquarters on Friday.
NAICOM, in a statement on Saturday, said the delegation, led by Dr. Hamim Syahrum Ahmad Mokhtar, presented preliminary results of the mission to the Commissioner for Insurance and Chief Executive of NAICOM, Mr. Olusegun Ayo Omosehin.
The assessment had brought the team into contact with regulators, Takaful operators, industry associations and development partners over the course of the engagement.
Opening the session, Omosehin said NAICOM remains focused on tapping into Takaful’s potential as a tool for widening insurance penetration, deepening financial inclusion and driving sustainable economic growth nationwide.
He asked the IFSB team to be direct in its assessment, urging recommendations grounded in evidence that could shape the Commission’s reform agenda.
He also used the occasion to stress that Takaful should not be viewed as a variant of conventional insurance but as a distinct model capable of serving a wide consumer base while adhering to Shariah governance standards.
Building stronger risk based capital and supervisory structures, improving transparency around data, and applying sound surplus management were, he said, essential to protecting participants while allowing the sector room to grow.
According to the mission’s preliminary findings, several steps have been identified for reinforcing the legal, regulatory and supervisory architecture governing Takaful in the country.
NAICOM described its work with the IFSB as an important step toward building a resilient Takaful ecosystem in Nigeria, one it expects will strengthen financial stability, boost consumer trust, improve policyholder protection and encourage responsible innovation across the insurance industry.
A full report on the Diagnostic Assessment Mission is expected once the review process is completed and stakeholder input has been incorporated.
