The gathering attracted business partners, financial institutions, investors and prospective customers, while also serving as a platform to educate attendees on the principles of Islamic insurance, popularly known as Takaful, and how it differs from conventional insurance systems.
Under the Takaful model, participants contribute to a shared risk pool, and any excess funds remaining after claims and operational expenses are settled are redistributed among contributors as surplus. This contrasts with conventional insurance practices where profits are retained solely by operators.
Speaking at the event, the Chairman of Salam Takaful Insurance Limited, Musbahu Bashir, said the company remains committed to ensuring customers enjoy tangible benefits from their insurance contributions through the surplus-sharing framework.
According to him, the initiative reflects the company’s philosophy of creating value for policyholders rather than operating a system where contributors may never benefit directly from their investments.
“We aspire to ensure our customers get value for their investment in insurance contrary to the conventional model where you put in money and might end up getting nothing. Here we ensure your money works for you,” Bashir said.
He explained that the company was established in 2020 following a devastating fire outbreak that destroyed properties belonging to several business owners. The incident, he noted, inspired the creation of a financial protection system rooted in Islamic principles and designed to support individuals and businesses during times of unexpected loss.
“We started this company in 2020 to assist business owners after a sudden blaze destroyed their properties. So I started this company as a way to help people like that and today we are able to provide various packages to suit the needs of our customers,” he added.
Bashir highlighted the rapid growth recorded by the company’s surplus-sharing initiative, revealing that the number of beneficiaries increased from 44 recipients during the maiden edition to 220 beneficiaries this year.
“Last year over 44 people were involved in the surplus sharing and this year we have 220 people so it is a massive improvement,” he said.
He also emphasised that Islamic insurance is not restricted to Muslims alone, stressing that the scheme is open to people of all religious backgrounds and financial capacities.
“What I always reiterate is Islamic insurance is open and accommodating of people from every faith not just Muslims and you can start with any amount you have. You don’t have to wait to amass millions before you begin insurance,” Bashir stated.
Among the major beneficiaries of the surplus-sharing programme was A.A Rano Nigeria Limited, which received a surplus payment of N44.7 million, while Malcomines Minor Metals Ltd received N7.8 million.
Other beneficiaries included the National Intelligence Agency, which received N6.5 million, TAJ Bank with N2.6 million, and Jaiz Bank, which received N1.6 million. Additional recipients were 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 developed to improve customer experience and accessibility.
Representing the Emir of Kano at the event, Shehu Muhammad urged business owners and residents to embrace Islamic insurance as a safeguard against unexpected disasters and economic setbacks.
“Recently there have been several instances of inferno destroying millions worth of property and crippling businesses. Islamic insurance will provide a cushion and safe landing for business owners without breaking Islamic teachings that have bound us Muslims to stay away from Riba which is interest,” he said.
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.