By Rosemary Iwunze

The management of Noor Takaful Insurance Ltd has said that they intend to create an ecosystem of knowledge sharing and policy recommendations to support the growth of Takaful and Islamic finance initiatives in Africa.

Chairman of Noor Takaful Insurance Limited, Muhtar Bakare, disclosed this at a two-day conference with the theme “Leveraging Technology to Build on the Opportunities of Takaful & Non-Interest Finance in Africa” held in Lagos.

Delivering his welcome remarks at the occasion, Bakare explained that the decision to organize the conference was borne out of the commitment to deepen understanding and increase awareness about Takaful while also resolving the long-standing socio-economic contradictions on the African continent, notably the issue of mass poverty in Africa.

Speaking at the event, special guest of honour, His Royal Highness, Khalifa Muhammad Sanusi II, expressed delight at the steady growth of Islamic finance in Nigeria.

Sanusi noted that there is a need for practitioners to see technology as a big enabler in advancing the Takaful model and non-interest finance in Africa. He also harped on the need for industry players to collaborate on the best way possible to improve regulations.

In his keynote address, Deputy Commissioner for Insurance who represented the Commissioner for Insurance, National Insurance Commission (NAICOM), Sabiu Abubakar stated that the Commission is trying its best to support operators in promoting the growth of Takaful in Nigeria with market-friendly regulations.

In his remarks, the Guest Speaker and former Commissioner, National Insurance Commission, Mohammed Kari, noted that though the penetration of non-interest finance is still relatively low in Africa, there is a huge market potential that needs to be tapped.

Kari stated that leveraging advanced technology such as chat GPT, blockchain has the potential to enhance transparency, reduce fraud and streamline processes in Takaful and Islamic finance operations.