Jaiz Bank Insurance Plc, a subsidiary of Jaiz Bank Plc has introduced Takaful insurance services in the country.

In Takaful insurance, members pool their funds together in an arrangement similar to a mutual fund. Such contributions are regarded as being owned by Allah. The funds are then invested into Sharia compliant businesses.

After deducting costs and any claims, the left over funds belong to the contributors. Jaiz Bank Insurance is majorly owned by Jaiz Bank through the Jaiz foundation. The foundation is funded through returns from interest yielding events held by the bank, and used for charity purposes.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.