Nigeria gets two new takaful insurance companies

The National Insurance Commission of Nigeria (NAICOM) has authorized the insurance companies Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company Ltd. to operate in the Nigerian market.

It should be noted that the two companies, which have just obtained the agreement in principle from the regulatory body, have been approved as Takaful composite operators for the family and general commercial transactions of Takaful in Nigeria.

« The approval in principle granted to the two new companies is in line with our desire for inclusion to increase the penetration of insurance in the country, » said NAICOM in a statement released Tuesday, September 10, 2019.

The body further specifies that a « definitive business license will be issued to companies upon presentation of evidence of a favorable business environment at headquarters, an appropriate IT infrastructure and the appointment of a technology manager. information « .

Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company are joining Noor Takaful and Jaiz Takaful (authorized in 2016), bringing to four the total number of takaful operators operating in the Nigerian insurance market.

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