own Momodou Musa Joof, seasoned insurance scholar, has become a key figure in
the Nigerian insurance industry, barely one and half year since he stepped foot
in Africa’s most populous country.
Mr Joof arrived in Nigeria in March 2016, to give technical expertise and guidance in the establishment of Jaiz Takaful Insurance Plc, the first Shariah compliant insurance company in Nigeria.
Mr Joof, who was appointed the company’s managing director and chief executive officer, subsequently opened Jaiz Takaful for business in the first quarter of 2017 with branches in Kaduna, Kano, Lagos and the head office in Abuja.
He said plans are underway to open more branches across Nigeria and expand in West Africa as an international leader in Takaful.
Since his arrival, Joof has been educating Nigerians about the benefits and advantages of Islamic Insurance. He has been featured on almost all the mainstream media, both print and electronic, in Nigeria.
“Takaful insurance is gaining huge acceptance in Nigeria,” he said. “In about four months, Jaiz Takaful generated about N100 million in insurance premium.”
Mr Joof, who founded and served as the maiden managing director of Takaful Gambia, said Takaful insurance is succeeding in deepening financial inclusion and insurance penetration in Nigeria.
The customer base of his company is growing exponentially, in few months of operations, he said.
“The impact is beyond imagination considering the time we have been in operation and the size of the market we are able to capture,” he said.
Mr Joof’s achievements are not gone unnoticed in Nigeria and elsewhere. He was awarded ‘The Best Rising Islamic Microfinance Personality Award’ for 2016 at the 6th Global Islamic Microfinance Forum (GIMF) in Nairobi, Kenya. By the award, according to the citation, he was certified as the Best Takaful Contributor for 2016.
Also, he became member of the Financial Reporting Council, senior member of the Chartered Insurance Institute of Nigeria, and was awarded fellow of the Institute of Public Administration of Nigeria.
“I thank Allah, the Almighty for his continued guidance and protection. Nigeria has a population of over 200 million people with great potentials. It is an honour to know that your modest achievements are recognised and honoured in such a country,” Mr Joof said.
Meanwhile, before going to Nigeria after resigning from his baby company, Takaful Gambia, Mr Joof was in Zambia where he established the Takaful Window for Phoenix Assurance of Zambia and served there as chief operations officer.
With more than 26 years’ experience in the insurance industry at different levels, Mr Joof had served at various positions in many professional associations such as the Insurance Association of The Gambia (treasurer), Ecowas Brown Card (vice president), and the Gambia Medical Underwriters Committee (chairman).
He had also served as visiting lecturer at the West African Insurance Institute, and was a resource person at many international Takaful conferences such as in London and Dubai in 2012 and 2013, respectively.