Noor Takaful Insurance Limited has distributed N116.30m as surplus to an eligible group of policyholders who did not make claims on their insurance during the 2022 financial year.

The surplus distribution was made during the second edition of the African Takaful and Non-Interest Finance conference in Lagos.

A total of 1,211 participants including individuals, financial institutions, and private and public organisations received the surplus payments. They include Sterling Bank Plc, Lotus Bank, WAZOBIA FM, Info FM and Cool FM, The Alternative Bank, Berger Paint, and The Crescent Schools.

Delivering his remarks at the event, the Managing Director of Noor Takaful Insurance Limited, Rilwan Sunmonu, disclosed that since the company’s inception of surplus distribution in 2018, more than 5,000 participants have received surplus, totalling more than N400m.

According to Sunmonu, this milestone is a testament to the unwavering commitment of the company to the principles of Sharia and its participants. He expressed confidence in growing the number of participants so that it would continue to positively impact lives.

Highlighting the decision to present surplus to participants through a digital transfer simulation—marking a significant shift from the traditional use of dummy cheques—he stated that the new approach is a demonstration of its commitment to innovation and efficiency.

This, he said, is geared towards delivering seamless experiences to participants. He went further to describe the digital presentation of surplus to customers as a reflection of the company’s vision and commitment to moving forward as a company.

Also, the Vice-Chairman of Noor Takaful Insurance Limited, Aminu Tukur, disclosed that the company, which has 15,000 participants, has paid N9bn in claims in the last seven years.

Tukur noted that the payment of surplus exemplifies the company’s commitment to offering Sharia-compliant solutions to customers. He disclosed that non-interest finance or Islamic finance, as it is regulated in Nigeria remains the only kind of finance that offers a fairer alternative to customers, urging them to take advantage of it.

Noor Takaful Insurance Ltd established in April 2016 is licensed by the National Insurance Commission.