Jaiz Takaful Family Takaful Protection Plans
Islamic Estate Planning in Kaduna
Jaiz's family (life) takaful protection shelf: the Comfort Family Plan for individual family protection, Group Family Takaful for employers and associations under a master certificate, Hajj and Umrah cover for pilgrims, Mortgage protection that clears outstanding home financing on death, and Group Personal Accident for workplace injury and death benefits. Plans are yearly renewable or term-based mutual protection, with contributions pooled in the family takaful risk fund and claim-free participants eligible for surplus. Family takaful (individual and group) returned N58.15 million of surplus for 2022, though claims pressure meant no family surplus was declared for 2023.
Jaiz covers the family protection map competently, individual, group, mortgage and accident, and its governance is unusually legible: named professors on the ACE, an annual signed opinion in the accounts, and a public 80/20 surplus policy. The honest disclosure that 2023 family claims wiped out that class's surplus is actually a point in its favour, mutual insurance carrying real risk is how takaful is supposed to work. Buyers should still press on two things: contribution quotes against conventional alternatives, since the roughly 50 percent wakala load has to come from somewhere, and written policy terms, because the website's product descriptions are single sentences. A solid, conservative choice with genuine Shariah substance.
Pros
- Full protection shelf: individual, group, mortgage, personal accident and pilgrimage cover
- Audited surplus history on family classes, N58.15m for 2022
- Named academic ACE signing annual Shariah opinions
- Sukuk-based fund investments documented in the annual report
Cons
- No family surplus for 2023 after claims depleted the risk fund, a real volatility signal
- No published pricing or benefit illustrations online
- Wakala deduction around half of contributions is expensive
- Thin online documentation of policy terms; the product pages are one-line listings
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Product Details
Price
No published contribution tables; family plans are quoted on age, sum covered and term. Audited context: family takaful surplus of N58.15m returned for 2022; none declared for 2023 after elevated family claims; insurance benefits and claims paid across the book totalled N449m in FY2024. Surplus policy distributes 80 percent of approved surplus, retains 20 percent. (verified 2026-08-04)
Jaiz Takaful in Kaduna
Jaiz Takaful's Family Takaful Protection Plans is available in Kaduna. Jaiz Takaful operates across Nigeria, so Kaduna residents have full access to this product.
Our Take on Jaiz Takaful
Jaiz Takaful is the transparency champion of Nigerian takaful. Its audited annual reports disclose what rivals bury: gross contributions (N1.851 billion in FY2024), wakala fee income (N918.2 million), sukuk holdings, the ACE's meeting count and a formal surplus policy that has paid out four years running, N586 million across 2020-2023, with beneficiaries from federal agencies to Jaiz Bank. The named academic council, three professors who sign the annual opinion, is exactly what NAICOM's guidelines envisage. Two things temper the enthusiasm. First, the effective wakala deduction ran at roughly half of gross contributions in FY2024, expensive by global takaful norms, and that cost ultimately comes from participants. Second, the operation is Abuja-centric with no published branch network, one-line product pages and no rate cards, so everything beyond app-issued third-party motor requires a quote conversation. The honest 2023 disclosure that family takaful claims wiped out that class's surplus is a mark of integrity, mutuality carries real risk. For northern and Abuja-based buyers, especially institutions that want auditable Shariah governance, Jaiz is a first-tier choice; retail buyers should compare its quotes against Noor's.
How Jaiz Takaful Works
Buy cover and contribute
Purchase compulsory third-party motor in five steps on the mobile app, or request quotes for general, family and agric lines from the Abuja head office, agents or brokers. Contributions enter the relevant takaful risk fund as tabarru.
Jaiz administers for a wakala fee
An upfront agency fee (about half of gross contributions in FY2024) funds underwriting and administration, with the balance pooled for claims; fund assets are invested in sukuk and other Shariah-compliant instruments.
Claims draw on the mutual fund
Covered losses are paid from the participants' risk fund, N449 million of benefits and claims paid in FY2024, with NIIRA 2025 now requiring settlement of admitted claims within 60 days.
Annual surplus distribution
After actuarial review and NAICOM approval, 80 percent of any class surplus is shared among claim-free participants proportional to contribution, checkable via the public surplus portal; 20 percent is retained against future deficits.
Financing Structure
Jaiz operates the hybrid Wakala-Mudaraba model documented in its audited accounts. An upfront wakala (agency) fee is deducted from gross contributions to fund operations, N918.2 million of fee income on N1.851 billion of contributions in FY2024. Net contributions pool in segregated general and family risk funds as tabarru; fund assets are invested in Shariah-compliant instruments including sukuk, with profit shared under mudaraba. Underwriting surplus is distributed to claim-free participants (80 percent of approved surplus, 20 percent retained) after actuarial recommendation and NAICOM approval; deficits are supported per NAICOM guidelines including qard mechanisms.
In-Depth Analysis
Jaiz Takaful Insurance was incorporated in December 2013 (CAC formalities completed January 2014) as a public limited company with N300 million authorized share capital, pursued its Islamic insurance licence from late 2014, obtained NAICOM's no-objection comfort letter in May 2016 and received its operational licence on 19 August 2016, commencing full operations in January 2017 from its Abuja head office at Utako. On 12 October 2022 it converted from Plc to Limited. It shares heritage with the Jaiz Bank ecosystem, Nigeria's Islamic finance pioneer group, and is chaired by Hajiya Zainab Abdurrahman with Ibrahim Usman Shehu as managing director; the board includes Imam Abdullahi Shuaib PhD.
The financial trajectory is documented in unusually complete annual reports. FY2024: gross contributions written of N1.851 billion, up 6 percent from N1.740 billion, total assets of N4.226 billion (up 10 percent), wakala fee income of N918.2 million and insurance benefits and claims paid of N449 million. The board reported over N2 billion of underwriting premium collected January to November 2024 and projected N6 billion for 2025. The customer base was reported near 5,000 in late 2024, with a stated ambition of one million participants by 2030, a target that shows both the upside and how early Nigerian takaful penetration still is.
Surplus is where Jaiz has built its brand: N84.5 million for 2020, N152.6 million for 2021, a record N230.8 million for 2022 (general class N62.38m, motor N60.01m, family N58.15m) and N118 million for 2023, distributed after NAICOM approval and actuarial recommendation under a published policy of distributing 80 percent and retaining 20 percent against future deficits. The 48.9 percent decline in 2023 was publicly attributed to inflation, currency pressure and a spike in family takaful claims that depleted that risk fund, no family surplus was declared for 2023, an honest disclosure that demonstrates the mutual model's real risk transfer. Corporate beneficiaries have included the Federal Mortgage Bank, the Sharia Court of Appeal, FIRS and Jaiz Bank.
The model is hybrid Wakala-Mudaraba, stated explicitly in the accounts: an upfront wakala fee on contributions funds operations (effectively about half of gross contributions in FY2024, the market's highest disclosed load alongside Salam's 50:50 ratio), fund assets are invested in Shariah-compliant instruments including TAJSUKUK and Family Homes wakalah-arrangement sukuk, and investment returns share under mudaraba. Shariah governance is a named Advisory Council of Experts, Prof. Mohammad Nasiruddeen Maiturare (chairman), Prof. Sulaiman Abdullahi Karwai and Prof. Mohammed Bello Uthman, which met three times in 2024 and signs the compliance opinion published in the annual report, per NAICOM's Takaful Operational Guidelines 2013. The company is also ISO/IEC 27001:2013 certified.
Assessment: Jaiz is the operator to study if you want to see Nigerian takaful working as designed, audited fund segregation, scholar sign-off, surplus discipline through good years and bad. Its weaknesses are commercial rather than structural: an expensive wakala load, thin retail distribution beyond Abuja, minimal product documentation online, and a small book that a single bad claims year can swing. As NIIRA 2025 enforcement expands compulsory covers, Jaiz's app-first third-party motor pipeline positions it well for the mandated-demand wave, if it can build service reach to match.
Shariah Compliance Details
- NAICOM-licensed composite takaful operator, RIC No. RTC 092 (001), on the official register (verified 2026-08-04); operational licence dated 19 August 2016
- Advisory Council of Experts: Prof. Mohammad Nasiruddeen Maiturare (chairman), Prof. Sulaiman Abdullahi Karwai, Prof. Mohammed Bello Uthman; three meetings held in 2024 and formal opinion published in the FY2024 annual report (verified 2026-08-04)
- Published surplus declaration and distribution policy: 80 percent distributed, 20 percent retained, subject to actuarial recommendation and NAICOM approval (FY2024 annual report, verified 2026-08-04)
- ISO/IEC 27001:2013 information security certification displayed on the corporate site (crawled 2026-08-04)
How Jaiz Takaful Compares
Jaiz and Noor are the two evidence-rich operators in Nigerian takaful. Noor wins on scale (N11 billion claims and about N1 billion surplus versus Jaiz's N586 million surplus across 2020-2023) and on published product pricing; Jaiz wins on annual-report transparency, publishing fund economics and sukuk holdings Noor does not, and arguably on governance legibility with its named professor council signing opinions in the accounts. Salam matches Jaiz's disclosure culture (50:50 wakala, 20/60/20 split published) and beats it on digital channels and claims speed promises, but is smaller and Kano-centric. Hilal has deeper history and broader commercial lines but publishes neither scholars nor figures. Crown is too new to compare on anything but governance design, where its ISRA-chaired ACE rivals Jaiz's bench. Geographically, Jaiz owns Abuja and the north-central axis; its undocumented branch network is the main service question against Noor's six-city presence.
Larger, Lagos-based market leader with N11bn claims paid and about N1bn surplus returned; better published pricing and city coverage, less detailed annual-report disclosure.
Kano digital-first rival with equally transparent fund economics, a 48-hour claims promise and a stronger agric practice; smaller balance sheet and three offices.
Oldest takaful pedigree and Cornerstone's balance sheet, with wider commercial lines; no published scholars or surplus amounts.
Abuja neighbour and newest licensee with a strong scholar council; no track record yet on claims or surplus.
Bottom Line
Jaiz Takaful is Nigerian takaful at its most auditable: named professors signing annual opinions, published fund economics, and four straight years of NAICOM-approved surplus payouts. Accept the quote-based buying process and challenge the roughly 50 percent wakala load, and you get an operator whose books genuinely show where your contribution goes.
Read full Jaiz Takaful reviewShariah Compliance & Oversight
Jaiz Takaful's Advisory Council of Experts is published on its website and in its FY2024 annual report: Prof. Mohammad Nasiruddeen Maiturare (Chairman), Prof. Sulaiman Abdullahi Karwai and Prof. Mohammed Bello Uthman. The ACE held three meetings in 2024 and provides the formal annual Shariah sign-off included in the audited financial statements, as required by NAICOM's Takaful Operational Guidelines 2013. (verified 2026-08-04)
2026-08-04
Why It's Halal
The family risk fund runs on the hybrid Wakala-Mudaraba model documented in Jaiz's audited accounts: an upfront wakala fee funds administration, fund assets are invested in Shariah-compliant instruments (including sukuk such as TAJSUKUK and FGN Family Homes sukuk noted in the FY2024 report) under Mudaraba, and death benefits are mutual aid from tabarru contributions rather than a commercial life-insurance wager, the structural objection scholars raise against conventional life cover. Surplus is real but honest: N58.15m returned on family classes for 2022, zero for 2023 after a spike in family claims depleted the risk fund, which the chairman disclosed publicly rather than papering over. The named ACE (Professors Maiturare, Karwai and Uthman) reviews products and signs the annual opinion. Weigh the high effective wakala deduction, about half of gross contributions in FY2024, when comparing against rival operators.
Regional Availability
Jaiz Takaful serves all of Nigeria
✓ Available nationwide including Kaduna
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Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.