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Tag: Noor Takaful Insurance

  • Firm launches initiative, unveils digital solution

    Firm launches initiative, unveils digital solution

    Noor Takaful Insurance, composite Takaful insurance firm, has launched a Health Maintenance Organisation (HMO), NOOR Health, to provide access to reliable, quality, and affordable healthcare.

    The company also unveiled its digital solution, RAHA by NOOR, targeted at improving efficiency and creating ease and convenience for participants. The solution and platform were unveiled during the second African Takaful and Non-Interest Finance conference in Lagos.

    Founding Chair of Noor Group, Shuaib Ahmed, described the launch as a leap in the company’s collective vision for a healthier and more financially inclusive Nigeria.

    Ahmed noted that the expansion of Noor Takaful, which incorporates comprehensive health solutions and digital accessibility, offers hope and pride. He said Noor Health has been designed with a mission to enhance individuals’ and families’ access to healthcare by providing a safety net.

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    “The need for reliable, affordable health care has never been greater, and we believe NOOR Health will serve as a bridge to improve wellbeing and security for communities,” he said

    According to him, NOOR Health and RAHA BY NOOR represent the company’s commitment to innovation and impact. He described RAHA BY NOOR as a modern, accessible, and efficient approach envisioned for participants to engage with the company in management of policies by accessing those services from the convenience of their devices.

     “RAHA means convenience in Arabic, a reflection of our commitment to making insurance accessible, reassuring and convenient. Our journey has been one of partnership, perseverance, and purpose. We have worked with partners, many of who are present tonight, and we have been inspired by the trust of our participants who motivate us to push the boundaries of what Takaful can achieve in this region,” he said.

  • Noor Takaful Insurance to host confab

    Noor Takaful Insurance to host confab

    provider of Takaful Insurance, Noor Takaful Insurance, is to host the second Takaful and Non-Interest Finance Conference.

    The conference holds November 12-13, at Lagos Oriental Hotel, Lagos.

    With the theme, “Islamic Finance and Takaful: Building Resilience in a Volatile World”, it is will bring together industry leaders, experts, and stakeholders to discuss Islamic finance in a volatile economy.

    Speakers include Bashir Hassan, executive director of Agent for Inclusive Innovations and Development; Michael McCord, managing director of Microinsurance Centre at Milliman; Farhan Noor, executive director of Accounting and Auditing Organisation for Islamic Financial Institutions.

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    There will be panel sessions of experts – Chief Executive Officer of Takaful Insurance of Africa Kenya, Sumayya Hassan; Executive Director of Egyptian Institute of Directors, Tarek Seif; Head of Market Conduct and Policy (Financial Inclusion) at National Insurance Commission of Nigeria, Zubairu Darazo; and Director of Digital Business at The Alternative Bank, Mohammed Bashir-Yunusa.

    Mohammed Garuba, managing director of CardinalStone Real Assets, and Olaniyi Yusuf, managing partner of Verraki Partners, Social Sector Practice, will moderate the sessions.

    It is a platform for dialogue and knowledge exchange, fostering an understanding of Takaful and non-interest finance as ethical and inclusive alternatives to conventional financial systems.

  • Noor Takaful Insurance increases dividends on 123% profit growth

    Noor Takaful Insurance increases dividends on 123% profit growth

    Noor Takaful Insurance Ltd, Nigeria’s pioneer and leading takaful operator, has increased dividend payout by about 67 per cent after the alternative insurance provider recorded 123 per cent growth in profitability.

    With the profit growth in the 2023 financial year, the company increased dividend per share to 5.0 kobo for the 2023 financial year compared with 3.0 kobo paid for the 2022 financial year.

    At the annual general meeting at the company’s head office in Lagos, Chairman, Noor Takaful Insurance Limited, Mr. Muhtar Bakare said that the company’s gross written contribution grew from over N4.9 billion in 2022 to N6.5 billion in 2023, representing an increase of 30 per cent.

    He added that profit after tax rose from N468.5 million in 2022 to N1.05 billion in 2023, representing a remarkable 123 per cent rise in profitability.

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    Bakare highlighted the company’s unwavering focus on its takaful and ethical model as the main driver of the growth.

    He noted that the company remains focused on bringing innovation that would help improve its current achievements. He stated that the company has identified the need for financial inclusion as the driving force behind its success.

    Some shareholders who attended the meeting applauded the company’s leadership for ensuring steady annual growth. They expressed confidence in the outgoing chairman’s ability to replicate this success as he transitions to his new role as Chairman of Noor Health.

    Noor Health, a subsidiary of Noor Takaful, recently received approval to operate as a national health management organisation and is expected to commence operations in November of this year.

    During the meeting, the outgoing chairman, Bakare, also unveiled the company’s upcoming mobile app, RAHA by Noor.

    According to him, the new digital platform is designed to cater to customers’ insurance needs, providing a seamless participant acquisition tool and serving as a gateway to Noor Takaful’s full suite of digital solutions. By streamlining access and reducing the need for retail staff interactions, RAHA promises to save participants valuable time.

    ”The app reflects one of Noor Takaful’s core values: innovation, furthering its mission to become a leading provider of ethical finance solutions across Africa,” he said.

    Stakeholders expressed excitement about these developments and voiced their anticipation for the upcoming African Takaful and Non-Interest Finance Conference, scheduled for November 12–13, 2024. This conference will serve as a platform for Noor Takaful to advance its ultimate goal of becoming a key player in Africa’s non-interest finance sector.

    Noor Takaful Insurance Limited, a takaful insurance firm, was established and duly licensed by NAICOM in April 2016 as the full-fledged composite takaful insurance operator in Nigeria with 100 per cent indigenous Nigerian shareholding.

    The company currently plays a pioneering and leading role in unlocking Nigeria’s takaful insurance potential. Its operational framework is regulated by NAICOM and is subject to the Insurance Act 2003.