A high level delegation of experts from Islamic Financial Services Board (IFSB) which expressed satisfaction on its assessment mission on Nigeria’s Takaful sector said immediate attention should be given strengthening the legal, regulatory framework.
The delegation led by Dr. Hamim Syahrum Ahmad Mokhtar, briefed the Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, on Friday, 21 August 2026, on concluded five-day engagements with key stakeholders including regulators, Takaful operators, industry associations and development partners.
In his opening remarks, the Commissioner for Insurance, Omosehin said NAICOM remained committed to unlocking the immense potential of Takaful as one of the strategic vehicle 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.
The CFI reiterated that Takaful is an alternative insurance model that has the capacity to serve a broad spectrum of consumers while operating within established Shariah governance principles, and 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.
NAICOM said its collaboration with the IFSB is a significant milestone in the development of a robust and resilient Takaful ecosystem in Nigeria. Pointing out that 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.
Featured Picture: L–R: Dr. Hamim Ahmad Mokhtar, Lead Specialist/Project Lead (Malaysia); Erfanul Alam Siddiquee, Specialist (Bangladesh); Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, National Insurance Commission; and Dr. Hassan Scott Odierno, Consultant (USA).
