By Ngozi Onyeakusi, Lagos — Following approval in principle secured from the National Insurance Commission (NAICOM), Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd as Composite Takaful operators is set to transact both family and general Takaful businesses in Nigeria.

This new development brings the total number of wholly Takaful operators to four, having earlier in 2016 granted licence to Noor Takaful and Jaiz Takaful respectively.

A statement from the Head, Commissioner’s Directorate, Salami Rasaaq, revealed that the AIP to the two new companies is in line with the Commission’s drive for inclusion towards increasing insurance penetration in the country.

The statement stated that “A final operating licence will be issued to the companies upon provision of evidence of the following: Conducive business environment at their Head offices, An appropriate IT infrastructure and appointment of a head of IT.

“Appointment of key personnel and Submission of first set of products for Commission’s approval,” he added. The Commission is currently processing more applications for possible approvals.”