NAICOM hosts IFSB experts on diagnostic assessment mission

The Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, at the weekend hosted a high-level delegation of experts from the Islamic Financial Services Board (IFSB) following the successful completion of a diagnostic assessment mission on Nigeria’s takaful sector.

At the engagement, Dr Hamim Syahrum Ahmad Mokhtar, leader of the delegation, briefed the Commission on the preliminary outcomes of its mission, which concluded a five-day engagement with key stakeholders, including regulators, takaful operators, industry associations, and development partners.

According to a statement by the Commission, in his opening remarks, the Commissioner for Insurance reaffirmed NAICOM’s commitment to unlocking the immense potential of takaful as one of the strategic vehicles for expanding insurance penetration, promoting financial inclusion, and supporting sustainable economic development across Nigeria.

He encouraged the delegation to provide frank, practical, and data-driven recommendations that would support ongoing regulatory reforms and market development initiatives.

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In the statement, Omosehin further reiterated that takaful is an alternative insurance model, rather than a subset of conventional insurance, and has the capacity to serve a broad spectrum of consumers while operating within established Shariah governance principles.

He emphasised the importance of strengthening risk-based capital and supervisory frameworks, enhancing data transparency, and adopting prudent surplus management practices that protect participants while ensuring the sustainable growth of the sector.

The preliminary findings of the mission identified several measures aimed at strengthening the legal, regulatory, and supervisory framework for takaful in Nigeria.

NAICOM views its collaboration with the IFSB as a significant milestone in the development of a robust and resilient takaful ecosystem in Nigeria. The partnership is expected to contribute to greater financial stability, increased consumer confidence, stronger policyholder protection, and responsible innovation within the Nigerian insurance industry.

“A comprehensive report on the Diagnostic Assessment Mission will be released upon the conclusion of the review process and incorporation of stakeholder feedback,” the statement noted.