He noted that though Takaful which means joint guarantee or share responsibility in Arabic, operates in accordance to Islamic laws, the products are designed to carter for Muslims and non- Muslims alike, adding that the products are meant to encourage saving culture and build capital, over a period of time to meet personal or business needs.
He said, "Under Takaful plan, you can save regularly for a fixed period that is convenient for you. The accumulated targeted amount can be used to fund obligations such as purchase of land, house, marriage or hajj. It could also be used to meet other long term financial objectives, such as retirement, children education, travelling expenses as well as expected commitment."
According to Omosola, reports have shown that in many countries, Takaful products have been bought by non-Muslims due to some of its attractive features, which are not offered under conventional insurance, adding that the implication of this trend is that there is a promising market and potential growth for Takaful business.
He said investment of Takaful funds is done in compliance with sharia law which prohibits gambling and profiteering and consumption of alcohol, including brewing alcohol, noting that the fund should not be invested into economic activities that negate Islam and sharia laws.
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