The Emir of Kano, Muhammad Sanusi II, has launched the first Islamic insurance firm in Nigeria, known as ‘Jaiz Takaful Insurance’.
At the launching event in his palace, the emir said that the introduction of the system in Nigeria was a welcome development, especially as it would contribute towards boosting the country’s economy.
He said the policy, which will be guided by Sharia, is not only for Muslims, but also for non-Muslims.
“The Insurance Scheme will assist the small-scale business people to replace their lost property, especially whenever a disaster which we are not praying for has occurred,” the emir said.
Mr. Sanusi added that the scheme would assist the registered members to replace their lost property, either due to fire outbreak or accident, through their contributions.
He also called on states, especially in the North to register all the state’s property, especially vehicles and houses, with the Takaful insurance company.