Nigeria's National Insurance Commission (NAICOM) has granted approval for the first two full-fledged takaful insurers to sell Islamic insurance in the country and is reviewing a number of other applications. The move comes after Nigeria passed legislation last year allowing Muslim religious groups to offer Islamic insurance.
Nigeria's National Insurance Commission (NAICOM) has granted approval for the first two full-fledged takaful insurers to sell Islamic insurance in the country and is reviewing a number of other applications. The new takaful companies are mostly foreign-owned, with investors from the Middle East and Asia who have the experience in Islamic insurance.