Islamic cleric urges Muslims to embrace insurance


From left: Director-General Chartered Insurance Institute of Nigeria, Richard Borokini; Managing Director Staco Insurance Plc, Sakiru Oyefeso; Chief Imam, Oluyole Estate Extension Ibadan, M.A. Bada; Group Managing Director AIICO Insurance Plc, Edwin Igbiti and former Director-General CIIN, Kola Ahmed at the event.

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Chuks Udo Okonta

Muslims have been urged to embrace insurance and use it to secure their lives and properties.

The Chief Imam, Oluyole Estate Extension Ibadan, M.A. Bada, said this today at the Chartered Insurance Institute of Nigeria (CIIN) 2016 Ramadan Tafsir in Lagos. He noted that Prophet Mohammed practiced insurance inform of charity, adding that Islam did not negate insurance practice.

He noted that since Insurance is a form of risk mitigating tool, it has a place in Islamic religion.

” Islam did not negate insurance, since it is a form of protection against future loss. Prophet, during his life time, practiced a form of insurance, although he did this as charity, because he never collect any form of money for rendering such service. The difference between then and now is that insurance operators have decided to operate insurance as an entity or a company, where managers get paid for providing insurance services.

“In fact, in Saudi Arabia, if you are not insured, there are certain privileges you would not enjoy,” he posited.

He called on Muslims to shun greed and high quest for money, stressing that God has promised to bless those who fear Him.

The Imam called on insurers and the public to esteem utmost good faith in all they do, adding that doing so, would make the world a better abode for human.

The Director-General Chartered Insurance Institute of Nigeria, Richard Borokini, urged Muslims to imbibe the teachings of God and ensure that they practice all they have learnt during the fasting.

He said the annual event was designed to elevate the spirit of insurance practitioners and by extension attract God’s blessings to the industry.

Managing Director, Staco Insurance Plc, Sakiru Oyefeso, said the Ramadan Tafsir, which started four years ago, has recorded tremendous progress and has impacted followers both within and outside insurance industry, promising that the institute will continue to embark on this selfless service every year.

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