The Emir of Kano, Malam Muhammad Sanusi 11, on Monday in Kano, launched the first Islamic insurance in Nigeria, tagged ‘Jaiz Takaful Insurance’.
The Emir said at the event that the introduction of the system in Nigeria was a welcome development, especially as it would contribute towards boosting the country’s economy.
According to him, the policy, which will be guided by Sharia, is not only for the Muslim but also for non-Muslims.
“The Insurance Scheme will assist the small-scale business people to replace their lost property, especially whenever a disaster which we are not praying for has occurred,” the emir said.
Sanusi added that the scheme would assist the registered members to replace their lost property, either due to fire outbreak or accident, through their contributions.