The National Insurance Commission is in collaboration with Malaysia to boost Takaful insurance operations in Nigeria. This came to light when the Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Mr. Olusegun Omosehin, hosted the High Commissioner of the High Commission of Malaysia to Nigeria, Mr. Aiyub Omar, at his office in Abuja recently. Takaful is the Islamic alternative to insurance that allows individuals to pool their money together to insure against losses or damages. A statement from the Commission made available to The PUNCH revealed that both parties agreed to collaborate in the areas of capacity building and investment opportunities. During the meeting, the CFI suggested studying countries with similar characteristics, such as Malaysia, which has witnessed rapid growth in Takaful Insurance over the past three decades. “This approach would enable the Commission to identify best practices, gain valuable insights, and adapt strategies that have proven successful in similar markets. By exploring international models and benchmarking against industry leaders, the Commission aims to create a more conducive environment for insurance growth in Nigeria, ultimately benefiting policyholders and stakeholders alike,” part of the statement read.