Noor Takaful Insurance to Host African Takaful Conference

The African Takaful Conference has rapidly emerged as one of the most crucial events in Africa’s financial sector, particularly for those involved in Islamic finance and non-interest finance. Noor Takaful Insurance Limited, Nigeria’s leading provider of Takaful solutions, is preparing to host the second edition of this landmark event, which is set to take place this week in Lagos. The conference, themed “Islamic Finance and Takaful: Building Resilience in a Volatile World,” promises to bring together industry leaders, financial regulators, experts, and stakeholders from across Africa and beyond to discuss the growing importance of Islamic finance in an increasingly volatile global economy. This article explores the significance of the African Takaful Conference, its objectives, the speakers and panelists, and its impact on the future of Takaful and non-interest finance in Africa.

The Rise of Takaful in Africa

Over the past few decades, Takaful—an ethical alternative to traditional insurance—has been gaining traction in African countries, especially in Nigeria. Takaful is based on Islamic finance principles, where participants contribute to a common fund that is used to provide financial support in times of need. This model is rooted in the concept of risk-sharing rather than risk-transfer, which differentiates it from conventional insurance. In Africa, a continent with a large Muslim population and growing demand for ethical financial products, Takaful presents a solution that is both inclusive and culturally aligned with Islamic values.

The global halal economy, including Islamic finance, has been experiencing exponential growth, with the market for halal products projected to reach over $2.3 trillion by 2026. The African Takaful Conference is positioned at the crossroads of these trends, highlighting the need for financial solutions that not only cater to ethical and religious beliefs but also foster economic resilience in times of financial uncertainty. The demand for non-interest financial solutions in Africa is also growing, fueled by young consumers who are increasingly aware of the importance of ethical and sustainable financial practices.

Noor Takaful Insurance, which has been at the forefront of this movement in Nigeria, aims to strengthen its position as a key player in the African non-interest finance sector. By hosting this conference, the company seeks to create a platform for dialogue, knowledge exchange, and collaboration, which can drive further growth in the Takaful sector and beyond.

Conference Overview

The African Takaful Conference is set to explore the role of Islamic finance and Takaful in enhancing economic resilience, particularly in volatile global markets. The ongoing challenges posed by the COVID-19 pandemic, global supply chain disruptions, inflation, and economic instability have underscored the need for financial systems that can withstand external shocks. Takaful, with its emphasis on risk-sharing, presents an ideal solution for individuals and businesses seeking financial protection without compromising on ethical standards.

The theme, “Islamic Finance and Takaful: Building Resilience in a Volatile World,” is particularly relevant as countries across Africa and around the world navigate the aftermath of the pandemic and the global economic downturn. Islamic finance offers a framework that promotes economic stability through principles such as risk-sharing, profit-sharing, and ethical investments. Takaful, as an integral part of Islamic finance, has the potential to provide more resilient alternatives to conventional financial models, especially in the context of uncertain times.

At the heart of the conference will be discussions about the role of Islamic finance in fostering economic resilience, particularly in emerging markets like those in Africa. The conference will explore how Takaful can be leveraged to provide financial security in times of crisis, and how it can help individuals, businesses, and governments alike better manage risk.

Keynote Speakers

One of the main draws of the African Takaful Conference is the impressive roster of speakers and panelists who are leading figures in the fields of Takaful and Islamic finance. These experts will share their knowledge, insights, and experiences, offering valuable perspectives on the challenges and opportunities facing the Takaful sector in Africa.

Among the notable speakers expected at the conference are:

1. Bashir Hassan, Executive Director of the Agent for Inclusive Innovations and Development (AIID): A leading advocate for financial inclusion, Hassan will bring his expertise in promoting inclusive financial solutions across Africa. His experience in developing strategies to integrate marginalized communities into the financial system will be invaluable in the discussions around making Takaful accessible to broader segments of the population.

2. Michael McCord, Managing Director of the Microinsurance Centre at Milliman: McCord is a key figure in the microinsurance sector, which has been increasingly important in Africa’s financial landscape. His expertise in microinsurance will provide insights into how Takaful products can be adapted to meet the needs of low-income populations and underserved communities.

3. Farhan Noor, Executive Director of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI): Noor will provide a global perspective on Islamic finance standards and how they apply to the African context. AAOIFI’s role in setting accounting and auditing standards for Islamic financial institutions has made it a central player in the global growth of Islamic finance.

These speakers, along with many others, will provide invaluable insights into how African economies can harness the power of Takaful and Islamic finance to improve financial resilience. They will discuss the importance of developing ethical financial systems that promote economic stability, inclusivity, and sustainability.

Panel Discussions

In addition to keynote speeches, the African Takaful Conference will feature several panel discussions that will focus on key issues facing the Takaful and Islamic finance sectors. These sessions will provide opportunities for deeper exploration of the challenges and opportunities that exist within the sector.

Some of the notable panelists include:

• Sumayya Hassan, CEO of Takaful Insurance of Africa, Kenya: As one of the leading voices in the Kenyan Takaful market, Sumayya Hassan will share her experiences in expanding Takaful services in Kenya. Her insights into the regulatory and market dynamics in East Africa will be valuable for those looking to replicate Kenya’s success in other African countries.

• Tarek Seif, Head of Market Conduct and Policy (Financial Inclusion) at NAICOM (National Insurance Commission of Nigeria): Seif’s involvement in regulating Nigeria’s insurance market will provide a critical perspective on the role of government and regulatory frameworks in the growth of Takaful and other Islamic financial products.

• Zubairu Darazo, Executive Director at The Alternative Bank: Darazo has been instrumental in shaping financial inclusion strategies in Nigeria. His experience with alternative banking models will be key to understanding how Takaful can be integrated with other financial services to increase accessibility.

• Mohammed Bashir-Yunusa, Director of Digital Business at The Alternative Bank: As a leader in digital finance, Bashir-Yunusa will discuss how digital platforms are transforming the delivery of Takaful and non-interest finance solutions. The role of technology in expanding access to Islamic financial services is becoming increasingly important, and his insights will be invaluable for stakeholders looking to leverage digital tools.

The panel sessions will cover a wide range of topics, including regulatory challenges, product innovation, financial inclusion, and the role of technology in expanding access to Takaful. With these discussions, the conference aims to identify concrete strategies for promoting the growth of Takaful and Islamic finance across Africa.

The success of the African Takaful Conference also depends on the leadership provided by the session moderators. Mohammed Garuba, Managing Director of CardinalStone Real Assets Limited, and Olaniyi Yusuf, Managing Partner and Lead of Verraki Partners’ Social Sector Practice, will moderate the panel discussions. Both Garuba and Yusuf bring years of experience in the financial and social sectors, and their expertise will help steer the conversations toward actionable solutions for the African Takaful and non-interest finance markets.

Their experience in managing large-scale financial projects and advising on social sector practices will ensure that the discussions remain focused on practical outcomes, rather than theoretical discussions. Their leadership will be key to creating a productive environment where participants can learn from one another and develop strategies for advancing the Takaful sector.

Noor Takaful’s Vision

Noor Takaful Insurance has long been committed to advancing the non-interest finance sector in Africa. The company’s goal is to become a leading player in Africa’s growing Takaful market and to help shape the future of Islamic finance in the region. By hosting the African Takaful Conference, Noor Takaful is providing a platform for knowledge exchange and collaboration, which will ultimately benefit the entire sector.

According to Rilwan Sumonu, the Managing Director of Noor Takaful Insurance Limited, the conference represents a key milestone in the company’s journey. “This conference is an essential part of our journey to becoming a key player in Africa’s non-interest finance landscape. By gathering leaders and experts from across the continent and beyond, we are fostering the kind of dialogue that can lead to meaningful change and growth in the sector.”

Sumonu’s vision for Noor Takaful is one of inclusivity and ethical finance. By expanding access to Takaful insurance products, Noor Takaful is working to make financial services more inclusive and accessible, particularly for underserved populations across Africa. The African Takaful Conference plays an integral role in this vision by facilitating conversations that will help shape the future of the sector.

Islamic Finance in Africa

The African Takaful Conference is just one example of the growing interest in Islamic finance across Africa. As the continent continues to experience rapid economic growth and demographic shifts, the demand for ethical and inclusive financial products is only expected to increase. Takaful, with its focus on risk-sharing, financial protection, and ethical principles, is well-positioned to meet these needs.

With the support of Noor Takaful and other industry leaders, the future of Takaful and Islamic finance in Africa looks promising. As more African countries look to integrate Islamic finance into their financial systems, conferences like the African Takaful Conference will play a critical role in guiding the sector toward greater maturity and sustainability. The collaboration and knowledge-sharing that takes place at these events will help create the foundations for a more resilient, inclusive, and ethical financial future for Africa.

The African Takaful Conference hosted by Noor Takaful Insurance Limited is set to be a pivotal event in the growth and development of Takaful and Islamic finance in Africa. By providing a platform for thought leaders, regulators, and industry experts to come together, the conference will help shape the future of ethical finance on the continent. As the conference unfolds, it is clear that Takaful and non-interest finance will play an increasingly important role in fostering economic resilience and financial inclusion in Africa’s volatile economic landscape.

With continued support and collaboration, the future of Takaful in Africa looks bright, offering new opportunities for financial security, risk-sharing, and ethical investment that will benefit individuals, businesses, and entire communities across the continent.