Jaiz Takaful Insurance Ltd Chairman, Hajiya Zainab Abdurrahman, has posited the embrace of digital transformation and technology convergence as a strategy to boost business development and strengthen the Nigerian economy.
During the address of the 2023 Surplus Sharing Event held in Abuja, Abdurrahman stated that the company is committed to making its operations as maximal as possible in accordance with technology-based solutions. “We are powering a digital agenda by engaging stakeholders in a better manner through e-channels and enriching our customers’ purchase experience. Our operations will be more customer-centric digitally,” she asserted.
The 2023 event was the fourth surplus-sharing activity since Jaiz Takaful started operations in 2017. Abdurrahman thanked stakeholders for their unflinching support, adding that the forum gave a platform to strengthen partnerships and consider new growth prospects.
Examining the company’s financial performance, she revealed that Jaiz Takaful posted a 2023 surplus of ₦8.009 million a sharp decline from ₦230.806 million in 2022, down by 48.9%.
She attributed the decline to heightened competition in the Takaful insurance industry, inflationary pressures and currency fluctuations that had an effect on investment returns and bottom line. She further stated that a record level of Family Takaful claims drained the Risk Fund, with no surplus under that class for the year.
Despite these challenges, Abdurrahman reaffirmed the company’s commitment to providing Shariah-compliant insurance solutions and value creation in the long term for stakeholders.
“Our goal is to pursue sustainable growth by doing things better, maximizing investment returns, and maximizing value proposition for participants,” she said.
Highlighting the unique strengths of the Takaful model, Abdurrahman explained that it stimulates cooperation, mutual aid, and equity among participants. “Surplus sharing right under Shariah doctrine offers a just sharing of underwriting income and investment returns between the operator and participants,” she added further.
