Consequently, all intending applicants seeking license from the Commission to transact takaful-insurance business in Nigeria must possess the followings:
· Certificate of Registration as a full-fledge takaful-insurance Company in accordance with International best practice
· Such a Company must have, as part of its name, words or terminologies that connote takaful operations
· The company must maintain a minimum deposit in a non-interest financial institution at all times
· Provision for the establishment of an Advisory Council of Experts (ACE) must be made in the articles
of the Company
· Establishment of Investment Policy for the participants’ Risk Fund
Intending applicants (companies) are advised to visit the Commission’s website on www.naicom.gov.ng to access the guideline.
When in doubts, applicants are enjoined to seek further clarifications from the Commission.
Deputy Commissioner for Insurance (Technical)