Takaful is an Islamic insurance based on the Quranic principle of mutual assistance. It is a non-interest form of insurance adopted to drive insurance penetration in the country and increase the contribution of insurance to the national Gross Domestic Products (GDP).
A cross section of customers in the FCT on Thursday in Abuja, said they were unaware of the scheme, thus called on NAICOM for more enlightenment.
However, most of them praised the effort by NAICOM towards increasing insurance participation in the country, saying that the introduction of Takaful was a welcomed development.
Mr Anthony Abbey, a public servant, said that he heard about Takaful insurance but did not truly understand what it was all about.
He said that it was important for the public to be educated on the importance and advantages of policies and programmes instituted by the government and its agencies.
“It is only when people are informed that they are able to make wise decisions and participate,’’ Abbey said.
Another customer, Miss Lucy Ugoh, said: “ Takaful insurance is a win-win insurance, where the customer does not lose all the money spent to insure her product.
“ It is something that I expect every meaning Nigerian to take up speedily but it seems like most people are not yet aware of it.
“I think NAICOM and all the stakeholders involved should educate the public on its advantages so as to increase insurance participation in the country.
Mr Godwin Ogbonnia, a civil servant, said that he had never heard about takaful insurance but would like to participate in the scheme if the opportunity occured.
Some insurance companies have gotten approval from the apex insurance regulator to sell takaful insurance alongside other products.
Some applications are already before the commission for a stand-alone and full-fledged approval to sell takaful.
Refurbished guideline might soon be released for takaful insurance in the country.