Non-Interest Financing Aiding Inclusion — Sanusi

Non-Interest Financing Aiding Inclusion — Sanusi

Former Emir of Kano, Muhammadu Sanusi II on Wednesday said the introduction of the non-interest (Islamic) financial system has deepened the country’s financial services and improved financial inclusion.

He said he was honoured to be among those who played a leading role in its introduction as the Central Bank of Nigeria (CBN) governor from 2009 to 2014 when the first Islamic banks were licensed.

Sanusi spoke in Lagos during the distribution of N36.3m 2019 surplus to policyholders by Noor Takaful Insurance, an indigenous takaful-insurance operator in Nigeria.

According to him, the introduction of the Islamic financial model into the Nigerian financial sector is a landmark event in the history of finance in

Chairman of Noor Takaful, Mr Muktar Bakare said the surplus distribution had increased exponentially from 12.5m in 2016 to N36.3m in 2019.

He also disclosed that the firm had paid over N1bn as claims to participants since 2017, assuring business owners and policyholders that the insurance company had taken proactive steps to continue to meet their obligations.