What Noor Takaful is doing to grow the hajj and umrah industry in Nigeria

The potential for ethically compliant insurance in Nigeria has been unlocked by Takaful Insurance Noor Limited, and it will continue to take the lead in this area. Takaful is an alternative to conventional insurance that is based on the Sharia’s principle. Takaful promotes the idea of empathy and fairness, engendering the concept of mutual cooperation where members contribute money into a pool system to guarantee each other, such that claims made by participants are paid out of the takaful fund.

Two plans have been made available for aspiring pilgrims to the Hajj and Umrah by Noor Takaful Insurance Company, a leading insurance firm in Nigeria: “The products: A protection plan during the Pilgrim as well as A combined Savings & Protection Plan.”

Aminu Tukur, vice chairman of Noor Takaful Insurance Limited, unveiled the plans on Wednesday, February 15, 2023 at a gathering held in the Radisson Hotel in Ikeja, Lagos. The plans were developed in collaboration with Hajj/Umrah Travel Operators.

Tukur, who spoke at the event, pointed out that the development of the plans became necessary owing to the high cost of the Hajj pilgrimage and the need to encourage more people, especially the young, to observe the fifth pillar of Islam by encouraging them to save for that purpose and assisting them in planning over some time adequately.

He said, “The main purpose of these products is to assist intending pilgrims in planning financially to embark on the Holy pilgrimage to Mecca in the nearest future with adequate protection using the Takaful Pilgrimage Plan and as well provide some level of protection for pilgrims. Whilst these products are not new, we are re-introduction them in partnership with Hajj & Umrah Travel Operators to assist intending pilgrims save toward this important duty and responsibility in Islam. This is for our participants to save over a period of time towards achieving this goal to achieve one of the pillars of Islam (Hajj or Umrah (lesser Hajj).

These products, some of the risks associated with pilgrimage in Nigeria, which includes missing luggage, death, and injury, he said, would be adequately covered, thus helping more people to observe it. He further assured that the partnership would be a win-win situation for all the parties involved as this would help to guarantee ease in the performance of Hajj or Umrah.

Abdul Jaleel Olori-Aje, the chief executive officer of Focal Point Hajj/ Umrah Travels and Tour Limited, praised Noor Takaful Insurance Limited for its innovative work in the pilgrimage industry in his keynote address. He claimed that this would significantly lessen the burden on prospective pilgrims. Olori-Aje commended the company for partnering with the Association of Hajj Operators to add more value to its services by relieving Hajj/Umrah operators and pilgrims of the enormous burden or risks associated with pilgrimage.

As the first full-fledged composite takaful-insurance provider in Nigeria with 100% indigenous Nigerian shareholders, Noor Takaful was properly approved by NAICOM in April 2016.



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