Cleric tasks operators on transparency, accountability in insurance industry
The Chief Imam, Magodo Central Mosque, Abdul Semi’ Olatunji Alkhelany, said this at the 2018 Ramadan Tafsir Lecture, organised by the Chartered Insurance Institute of Nigeria (CIIN), in Lagos.
According to him, the business of insurance, which is trust, demands that operators in the insurance landscape must be transparent and truthful in the kind of services they offer to their respective clients.
He said a policyholder must be fully aware of the product he is buying, its benefits, the risk it covers and so on, stating that, by doing so, the industry would have shown transparency in its product delivery.
Moreover, he said that insurance is a part of social structure overseas, but not so in Nigeria, urging the insurance industry to work on its image and increases education and awareness on insurance products and services.
Stating that most companies that are now moribund, collapsed because of breach of transparency and accountability in business management, he pointed out that any company that does not imbibe these two elements will not survive the test of time.
He commended the insurance industry for coming up with Takaful products, which address the needs of the Muslims, urging Islamic faithfuls to subscribe to the products, as its benefits are immeasurable.
He also urged fellow Islamic clerics to educate their followers in the mosques on the need to subscribe to this insurance scheme.
The Director-General, CIIN, Olutayo Bororkini, who represented the President of the institute, Funmi Babington-Ashaye, said the Ramadan lecture is a yearly event meant to bring together Muslims in insurance industry to listen to sermon in the month of Ramadan and pray for the industry and the nation.
Stating that the programme, now in its sixth edition, commenced in 2013, he added that the programme has been a forum to unite Muslim brothers in insurance industry and to discuss topical issue on how best to live a worthy life as an individual and as an industry.
The Chairman of the occasion, Kola Ahmed, who was also the former Director-General of CIIN, urged insurance companies and brokers to increase awareness on the programme to increase participations.