NAICOM Engages IFSB Experts on Takaful Assessment

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), hosted a delegation from the Islamic Financial Services Board (IFSB) following a diagnostic assessment mission on Nigeria’s takaful sector. Dr. Hamim Syahrum Ahmad Mokhtar led the delegation, which engaged with key stakeholders over five days.

Omosehin reaffirmed NAICOM’s commitment to enhancing takaful as a strategic tool for expanding insurance penetration and promoting financial inclusion in Nigeria. He urged the delegation to provide practical recommendations to support regulatory reforms.

The mission's preliminary findings suggested measures to strengthen the legal and regulatory framework for takaful. Omosehin emphasized that takaful operates within Shariah governance principles and has the potential to serve a diverse consumer base.

NAICOM views its collaboration with IFSB as a significant step towards developing a robust takaful ecosystem, which is expected to enhance financial stability and consumer confidence in Nigeria's insurance industry. A comprehensive report will be released after stakeholder feedback is incorporated.