Jaiz Takaful Insurance Limited visited the National Agricultural Development Fund to formally confirm a surplus payment from a 2024 Takaful coverThe CEO of Jaiz Takaful said the payment fulfilled a promise made when NADF first took out the insurance policy covering agricultural and investment risksNADF revealed it is currently developing a Non-Interest Finance Framework to expand funding options for farmers across the agricultural value chainPAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!The National Agricultural Development Fund (NADF) has been notified of a N3.4 million surplus payment from Jaiz Takaful Insurance Limited, arising from an agricultural and investment risk policy the Fund held during the 2024 financial year.Ibrahim Shehu, Managing Director and CEO of Jaiz Takaful Insurance Limited, delivered the news in person during an official visit to NADF’s Executive Secretary and CEO, Mohammed A. Ibrahim, where he presented a formal letter confirming the amount due to the Fund.How the takaful surplus worksShehu explained that under a Takaful arrangement, policyholders who make no claims during a coverage period can receive a share of any profits generated by the participating portfolio. He said the visit was meant to show NADF’s management that a commitment made at the time the policy was taken out had now been honoured.”While insurance is to indemnify customers in the event of loss, we made a promise to them that Takaful has some other value proposition and that is that if the customer did not have a claim and the portfolio they participated in made profits, we shall share part of that profit with them as surplus,” Shehu said.He added: “So, we came to present a symbolic letter stating clearly what the amount of surplus the organisation is entitled to. Precisely, the sum of N3.4 million.”PAY ATTENTION: From breaking news to viral moments.
Follow Legit.ng on Instagram!NADF’s non-interest finance pushThe visit coincided with a broader initiative at NADF to formalise its engagement with non-interest financial instruments. Mohammed A. Ibrahim said the Fund is currently in the process of validating a Non-Interest Finance Framework and Guidelines, designed to give structure to how the Fund works with licensed non-interest financial institutions.”The framework is part of our effort to develop financing options that respond to the different needs of farmers and businesses across the agricultural value chain,” Ibrahim said.He described non-interest finance as an additional avenue for tackling funding gaps in agriculture, offering farmers and agribusinesses access to instruments that align with different financial preferences and requirements.The surplus payment from Jaiz Takaful serves as a practical illustration of the potential benefits of such arrangements, demonstrating that Takaful products can offer both risk protection and financial returns when the conditions of the scheme are met. Source: Legit.ng Bada Yusuf (Politics and Current Affairs Editor) Yusuf Amoo Bada is an accomplished writer with over 5 years of experience in journalism and writing, he is also politics and current affairs editor with Legit.ng.
He holds B.A in Literature from OAU, and Diploma in Mass Comm. He has obtained certificates in Google’s Advance Digital Reporting, News Lab workshop. He previously worked as an Editor with OperaNews. Best Editor of the Year for Politics and Current Affairs Desk (2023) by Legit.ng.
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