There is the need for industry players to collaborate on the best way to improve regulations on African Takaful and Non-Interest Finance, Khalifa Muhammad Sanusi II, has said.
Sanusi II spoke at the African Takaful and Non-Interest Finance Conference organised by Noor Takaful Insurance Limited in Lagos.
The event had as its theme, “Leveraging technology to build on the opportunities of Takaful & Non-interest finance in Africa’
While expressing delight at the growth of Islamic finance in the country, he noted that there was also the need for practitioners to see technology as a big enabler in advancing the Takaful model and non-interest finance in Africa.
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The Deputy Commissioner for Insurance, Sabiu Abubakar, stated that the Commission is trying its best to support operators in promoting the growth of Takaful in Nigeria with market-friendly regulations.
Abubakar,who represented the Commissioner for Insurance, stressed the need for players to embrace technology to expand the markets and enhance Takaful efficiency.
Former Commissioner, National Insurance Commission, Mohammed Kari, noted that though the penetration of non-interest finance was still relatively low in Africa, there was a huge market potential that needed to be tapped.
Kari, who is Wazirin Bauchi, stated that leveraging advanced technology such as chat GPT, blockchain, has the potential to enhance transparency, reduce fraud and streamline processes in Takaful and Islamic finance operations.
He advised operators to work together in restructuring the regulatory frameworks of the industry to ensure that it complies with the principles of Shariah as this would go a long way in creating a conducive environment for the growth of the sector.
Vice-Chairman, Noor Takaful, Aminu Tukur stated that Takaful has become the best alternative insurance in Africa, given the way it has gained acceptance over the years.
Tukur, who gave more insights on the benefits of Takaful, explained there was the need for stronger commitment by stakeholders to deepen penetration.
The Chairman, Noor Takaful Insurance Limited, Muhtar Bakare, explained that the conference was borne out of the need to deepen understanding and increase awareness about Takaful while resolving the socio-economic contradictions on the continent, notably mass poverty.
He said Noor Takaful, as the leading provider of Takaful Insurance solutions, gathered the industry leaders, experts, and stakeholders across Africa, to explore the potential of technology in driving Takaful and non-interest finance in Africa.
“The conference provided a platform for dialogue and knowledge exchange, fostering a deeper understanding of Takaful and non-interest finance as ethical and inclusive alternatives to conventional financial systems. We plan to make the conference annual with intent to create an ecosystem of knowledge sharing while analysing regulatory frameworks and policy recommendations to support the growth of Takaful and Islamic finance initiatives in Africa,” he said.
The event featured several sessions that included experts from Egypt, Kenya, Bahrain, United States.