The National Insurance Commission has given the nod to Crown Takaful Insurance Limited to commence business.

A statement from the insurance company said Crown Takaful Insurance was entering the risk-underwriting market as a solution provider offering technology-powered and value-laden products and services in creative and modified packages designed to meet the needs of millions of uninsured Nigerians and raise the level of insurance inclusiveness to a new level.

The company’s Chief Executive Officer, Nasir Song, explained that the launch of the company’s operations could not have come at a better time than now when the world was grappling with economic uncertainties and unpredictable risks.

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He stated that the firm would be leveraging the professionalism and innovativeness of the management and workforce to change the narrative by providing secured risk underwriting alternatives that could guarantee insurance for all cadres of participants in the Takaful insurance segment.

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He said, “The technical team of the company has designed a wide range of Takaful Insurance services, tailored to meet the specifications, and demands of participants. It is an advanced approach to insurance and provides an ethical option for participants or policyholders, who require financial security – offering flexibility and quality that can transform the lives of Nigerians.”

Takaful, an Arabic word meaning “guaranteeing each other”, is approved under Islamic jurisprudence or Sharia guidelines.