7th October, 2025
PRESS RELEASE:
UNBAN CO-INSURANCE WITH TAKAFUL: MURIC TELLS NAICOM
An appeal has gone to the National Insurance Commission (NAICOM) to
withdraw its recent circular which prohibited conventional insurance companies from
co-insuring businesses with Islamic insurance companies.
The appeal was made by a faith-based human rights advocacy group,
the Muslim Rights Concern (MURIC). In a statement circulated to pressmen on
Tuesday, 7th October, 2025, the group accused NAICOM of religious
discrimination, insurance apartheid, abridgement of Allah-given fundamental
human rights of Nigerian Muslims and neo-imperialist cum Islamophobic exclusivism.
The statement was signed by the organisation’s Founder and Executive
Director, Professor Ishaq Akintola.
It reads:
“The National Insurance Commission (NAICOM) recently issued a
circular which prohibited conventional insurance companies from co-insuring
businesses with Islamic insurance companies.
“The circular ref: NAICOM/I&R/CIR/69/2025 under the title ‘Prohibition
of Coinsurance Arrangements Between Takaful Companies and Conventional
Insurance Companies’ was dated 19th August, 2025.
“This circular is archaic, myopic and parochial. It aims
at the heart of the businesses of Nigerian Muslims, particularly Islamic
insurance (takaful) companies. It also seeks to divide Nigerians against
themselves while it threatens religious tolerance and peaceful coexistence.
“It seeks to deprive millions of Nigerian Muslims from
having access to insurance policies. It is Islamophobic. It is also an attempt
to open the doors of Nigerian businesses to religious apartheid, exclusivism
and gymnastic religiousity as opposed to free enterprise without any form of
discrimination either on grounds of religion, ethnicity or gender.
“As a multi-religious country where the policies of institutions
must reflect the diversity of the cultures of the people, this circular breaches
Section 14(4) of the 1999 Constitution of the Federal Republic of Nigeria which
compels inclusivity as it directs agencies like NAICOM, inter alia, that
the:
‘…Conduct of the affairs of the Government or council or such
agencies shall be carried out in such manner as to recognise the diversity of
the people within its area of authority and the need to promote a sense of
belonging and loyalty among all the people of the Federation.’
“To that extent, therefore, NAICOM’s circular prohibiting conventional
insurance companies from co-insuring businesses with Islamic insurance companies
is illegal, unlawful, illegitimate and unconstitutional.
“NAICOM has fired the first salvo to start a religious
war on the insurance battlefield. But can this be sustained? What if Nigerian
Muslims respond in like manner? NAICOM has forgotten that Islamic insurance
groups as an institution represent Nigerian Muslims in the economic sector.
“Professionals in the insurance field cannot deny the fact that all
conventional insurance companies have Muslim customers. NAICOM may have
inadvertently tickled the consciousness of Muslims for self-determination in
the area of insurance.
“This is capable of generating an unhealthy atmosphere whereby
Muslim customers begin to withdraw from non-Islamic (conventional) insurance
companies due to this unhealthy and tactless development.
“This circular is therefore a product of short-sightedness and
acrobatic religiousity. It is long in redtapism but short in strategic planning.
This policy is anti-Islam and malicious. It also suffers from desertification
of emotional intelligence.
“In conclusion, NAICOM’s circular smirks of religious
discrimination, insurance apartheid, abridgement of Allah-given fundamental
human rights of Nigerian Muslims and neo-imperialist cum Islamophobic
exclusivism. Therefore, MURIC demands immediate and unconditional withdrawal of
this offensive, provocative and illegal circular.”
#NAICOM
#WithdrawReligiousApartheidCircular
#UnbanCoinsuranceTakaful
Professor Ishaq Akintola,
Founder/Executive Director,
Muslim Rights Concern (MURIC).