Salam Takaful Insurance Limited has expanded its customer-focused surplus-sharing programme, with more than 200 policyholders benefiting from the company’s second annual surplus distribution event held in Kano on Wednesday. The occasion also featured the unveiling of the company’s new brand identity and a digital application designed to improve access to insurance services and enhance customer experience.
The event attracted business partners, financial institutions, investors, and prospective customers, while also serving as a platform to educate attendees about Takaful, the Islamic insurance system, and how it differs from conventional insurance models. Under the Takaful model, participants contribute to a shared risk pool, and any surplus remaining after claims and operational expenses is redistributed among contributors. Unlike conventional insurance systems where profits are retained solely by operators, the Takaful model allows policyholders to directly benefit from excess funds.
Speaking during the event, the Chairman of Salam Takaful Insurance Limited, Musbahu Bashir, said the company remains committed to ensuring customers receive value from their insurance contributions through the surplus-sharing initiative. According to him, the programme reflects the company’s philosophy of creating financial value for policyholders instead of operating a system where contributors may never directly benefit from their investments.
Bashir explained that the company was established in 2020 following a devastating fire outbreak that destroyed properties belonging to several business owners. He noted that the incident inspired the creation of an insurance system rooted in Islamic principles to support individuals and businesses during unexpected losses. He added that the company now provides various insurance packages tailored to meet the needs of different customers.
He further highlighted the rapid growth recorded by the surplus-sharing programme, revealing that the number of beneficiaries increased from 44 recipients during the maiden edition to 220 beneficiaries this year. Bashir also emphasised that Islamic insurance is open to everyone regardless of religion or financial status, adding that people can begin insurance coverage with whatever amount they can afford.
Among the major beneficiaries of this year’s surplus-sharing programme was A.A Rano Nigeria Limited, which received a surplus payment of N44.7 million. Malcomines Minor Metals Ltd received N7.8 million, while the National Intelligence Agency received N6.5 million. Other beneficiaries included TAJ Bank with N2.6 million, Jaiz Bank with N1.6 million, the Federal University of Health Sciences Teaching Hospital, Kano State Contributory Healthcare Management Agency, and Noor Takaful, among others.
As part of its expansion and digital transformation strategy, Salam Takaful also unveiled a redesigned corporate logo alongside a new digital application aimed at improving customer accessibility and engagement. According to the company, the application features a user-friendly interface and enhanced security measures to safeguard customer information while simplifying access to insurance services.
Representing the Emir of Kano at the event, Shehu Muhammad urged residents and business owners to embrace Islamic insurance as protection against unexpected disasters and economic setbacks. He noted that recent fire outbreaks had destroyed businesses and properties worth millions, adding that Islamic insurance provides financial protection while remaining compliant with Islamic teachings against Riba, or interest.
The event concluded with the presentation of surplus cheques to beneficiaries, interactive sessions with prospective customers, and award presentations to longstanding clients and partners in recognition of their continued support for the company.