Hilal Takaful Insurance Sees Promising Prospects in the Nigerian Market

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In recent years, Hilal Takaful Insurance has been making significant strides in Nigeria, signaling promising prospects in the country’s insurance sector. This Sharia-compliant insurance provider has gained traction and garnered attention for its unique offerings and commitment to ethical and religious principles.

There are two types of Takaful which is family Takaful and general Takaful and then there are various products under both Takaful. Products under family Takaful are: Family Takaful: provides both protection policy and long term savings for you and your beneficiary.

 

Mrs Thaibat Adeniran, the Managing Director of, Hilal Takaful Nigeria Limited revealed during the ceremony at the Business Journal’s 15th Anniversary Lecture & Award event in Lagos, that Hilal Takaful Insurance, entered the Nigerian market with the aim of providing a distinct insurance experience, aligning with Islamic values and principles. Mrs Adeniran noted that since its establishment, the company has been on a journey to offer insurance products that cater to a diverse range of customers while adhering to Takaful, the Islamic concept of mutual assistance and shared responsibility.

 

During the event, Hilal Takaful Nigeria Limited was celebrated with the Business Journal’s Takaful Insurance Company of the Year 2023 Award and the Company Managing Director gets Leadership Award too.

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According to the publisher of the Business Journal, Prince Cookey, “This recognition reflects the company’s remarkable contributions to the growth of the takaful insurance industry and the wider insurance sector”

 

“One of the key factors contributing to the success and growth of Hilal Takaful in Nigeria is the increasing awareness and demand for Islamic financial services. As a result, many individuals and businesses in Nigeria are seeking insurance solutions that align with their religious beliefs, and Hilal Takaful is well-positioned to fulfill this need.

 

Hilal Takaful Insurance’s product portfolio includes various insurance products, such as Takaful motor insurance, Takaful travel insurance, and Takaful health insurance, among others. These offerings have resonated with individuals and businesses looking for ethical and Sharia-compliant insurance options.

 

Moreover, she reaffirmed Hilal Takaful’s commitment to transparency and risk-sharing principles has been well-received by customers. According to her the company emphasizes the concept of policyholders sharing in both the risks and profits, which sets it apart from conventional insurance providers. Mrs Adeniran continues this approach has garnered trust among its growing customer base.

 

In addition to its unique product offerings, she said Hilal Takaful has invested in cutting-edge technology to enhance customer experience and streamline insurance processes. This digital transformation has allowed for smoother policy management, claims processing, and improved accessibility for customers across the country, she said.

 

Furthermore, Hilal Takaful has been actively engaged in community initiatives and corporate social responsibility efforts, mrs Adeniran stated added that these endeavours have not only showcased its commitment to giving back to society but have also contributed to building a positive brand image.

The prospects of Hilal Takaful Nigeria limited disclosed that the Policyholders received their claims worth N220 million by the underwriter.

 

The payment was disclosed when members of Insurance and Pension Editors of Nigeria (IPEN) paid a courtesy visit to the firm in Lagos recently, the managing director/CEO of the insurer, Thaibat Adeniran, added that, the company also paid N50 million in the month of June 2023.

 

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On surplus payment, she assured that Hilal Takaful has been consistent in surplus payment, which according to her is calculated and paid to customers who were not paid claims within the financial year.

 

Adeniran assured that Halal Takaful Nigeria, provide robust insurance covers for Muslims and non-Muslims, adding that, non-Muslim were their first clients at inception, stressing that, people from different faith show interest in Takaful products in as much as it was presented in truth and sincerity

 

The Nigerian insurance market is dynamic and competitive, but Hilal Takaful’s ethical approach and dedication to meeting the specific needs of the Islamic community have positioned it as a noteworthy player. As the company continues to expand its footprint and innovate within the sector, the prospects for Hilal Takaful Insurance in Nigeria appear promising. With a growing customer base and increasing recognition of its unique offerings, the company is well on its way to becoming a prominent choice for those seeking Sharia-compliant insurance solutions in the country.

 


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