In a landmark event that underscores the growing acceptance of ethical insurance in Nigeria, Salam Takaful Insurance Limited has distributed surplus funds with over 220 customers while unveiling its new brand identity and digital application.
The occasion, held in Kano, marked the company’s 2nd Surplus Sharing and Rebranding Event, drawing business leaders, government officials, regulators, investors, and healthcare institutions.
Salam Takaful operates on the principles of Islamic insurance (Takaful), a mutual risk-sharing model rooted in cooperation, transparency, and ethical financial protection. Unlike conventional insurance where profits are retained by shareholders, Takaful redistributes surplus funds among participants after claims and expenses are settled.
This year’s surplus-sharing saw a dramatic increase in beneficiaries, rising from 44 in 2023 to 220 in 2024, reflecting growing public confidence in non-interest insurance.
Chairman of the company, Alhaji Musbahu Bashir, emphasized the company’s mission, saying, ‘We aspire to ensure our customers get value for their investment in insurance, contrary to the conventional model where you put in money and might end up getting nothing. Here we ensure your money works for you.’
He further stressed that Salam Takaful is inclusive, open to all Nigerians regardless of religion or financial status.
Major Beneficiaries
The surplus distribution rewarded both corporate and institutional participants. Leading beneficiaries included A.A. Rano Nigeria Limited who got ?44,766,170.04, Malcomines Minor Metals Ltd which got ?7,855,691.26, National Intelligence Agency (NIA) that got ?6,565,842.58, TAJ Bank with ?2,680,776.47 and Jaiz Bank with ?1,681,148.85 among others.
Other recipients included state governments, healthcare institutions, and individual contributors, underscoring the broad reach of Salam Takaful’s ethical insurance model.
The company also presented awards to distinguished partners such as Albasar Foundation (Makkah Hospital), IMG Petroleum Limited, and the Kano State Contributory Healthcare Management Agency, recognizing their loyalty and contributions to the growth of ethical insurance in Nigeria.
Why Salam Takaful rebranded
The unveiling of Salam Takaful’s new brand identity was a highlight of the event. The company explained that the rebranding was not just cosmetic but a renewal of purpose, aligning with customer needs, digital transformation, and Shariah-compliant principles.
The new identity embodies values of Service, Accountability, Leadership, Authenticity, and Mutuality, positioning Salam Takaful as more customer-centric, technology-driven, and strategically poised for growth.
New logo and digital application
The company introduced a new logo featuring a shield and the letter ‘S,’ symbolizing trust, protection, and security. Alongside this, Salam Takaful launched a digital application designed to simplify policy management, enhance accessibility, and strengthen data security.
With the new application, customers can now conveniently access services through a secure and user-friendly platform.
Emir of Kano’s endorsement
Representing the Emir of Kano, Shehu Muhammad urged entrepreneurs and traders to embrace Islamic insurance as a safeguard against disasters such as fire outbreaks.
He commended Salam Takaful for promoting ethical financial protection and raising awareness about non-interest insurance.
Other highlights of the ceremony include presentation of surplus cheques to beneficiaries, launch of Salam Takaful’s digital app, award presentations to outstanding partners, interactive questions and answers sessions with prospective customers and networking with financial institutions and investors
With its rapid growth, innovative digital solutions, and strong ethical foundation, Salam Takaful Insurance Limited is positioning itself as a leading force in Nigeria’s insurance sector. The company’s rebranding signals a bold step toward expanding financial inclusion and reinforcing trust in non-interest insurance.
Salam Takaful Insurance Company headquarters is located at No 65, Ibrahim Taiwo Road, Opposite Fillin Parking Kano, Nigeria, and has brancj offices in Abuja and Lagos.
The company is licensed by the National Insurance Commission (NAICOM) to provide both Family (life) and General Takaful insurance services in Nigeria and it positions itself as an ethical, Shariah-compliant alternative to conventional insurance, targeting both Muslim and non-Muslim customers.