Noor Takaful Motor Takaful (Comprehensive & 3rd Party Plus)

Noor Takaful was established and licensed by NAICOM in April 2016 as Nigeria's first full-fledged composite takaful operator, with 100 percent Nigerian shareholding, and began operations in January 2017. The NAICOM register lists it as Noor Takaful Plc, RIC RTC 091 (002), with the registered office in Ikoyi, Lagos; the operating head office is at 170 Gbagada Expressway, with offices in Ikeja, Ikoyi, Abuja, Kano, Ibadan, Kaduna and Port Harcourt, which is the basis of the company's own 'five Nigerian states' operating claim (Lagos, Oyo, Kaduna, Kano, Rivers, plus the FCT). It sits inside Noor Group alongside NOOR Health, an HMO, and the group partnered with Malaysia's International Shariah Research Academy (ISRA) for staff training. Board leadership is heavyweight: chairman Ambassador Shuaibu Ahmed co-founded audit firm Ahmed Zakari & Co and served as Nigeria's first ambassador to Qatar, and director Rakiya Mohammed previously led IT at the Central Bank of Nigeria including the eNaira build.

The scale numbers are the story. By its September 2025 surplus ceremony, Noor had paid over N11 billion in claims since inception and distributed roughly N1 billion in surplus, including N404,191,500 for the 2023 financial year shared among over 1,000 claim-free participants. The published beneficiary list is unusually concrete: Lotus Bank received N19.02 million, ARM Group N8.6 million, with Alternative Bank, Globus Bank, Wema Bank, Cardinal Stone, Vanguard Pharmacy and Federal Polytechnic Ilaro among others named. The company reports over 15,000 active participants, and LinkedIn data shows a 98-person workforce growing about 21 percent year on year.

The product shelf is organised into lifestyle (comprehensive motor, 3rd Party Plus in Silver N40,000, Diamond N60,000 and Gold N80,000 tiers, Hajj & Umrah cover with N2 million death, N500,000 medical and N300,000 luggage limits, professional indemnity), housing (householders, fire and special perils, Mortsave home-savings), business (marine cargo, goods in transit, agric) and savings (Prosave, Provest, Flexip, Group Family, Education Plus). SME marketing cites basic cover from N7,000 to N15,000 per year. Digital delivery runs through the Raha app on Google Play and the App Store, covering purchase, policy management and claims.

On the takaful model, Noor states it operates both Wakala and Mudaraba structures: participants' contributions enter segregated risk funds as tabarru, the operator earns agency fees and shares investment profit, and underwriting surplus is returned to claim-free participants, the mechanism its distribution history validates. Shariah governance runs through the NAICOM-mandated Advisory Council of Experts. The last published roster (2019 site archive) was chaired by Prof. Dr. Ashraf Md. Hashim of ISRA / INCEIF Malaysia, with Tan Sri Sheikh bin Haji Abdul Rahman, Dr. Abdussalam Ismail Onagun and Dr. Warshu Tijjani Rabi'u of Bayero University Kano. The current site names Ridwan A. Migdad, a Certified Shariah Advisor and Auditor (AAOIFI) with Jaiz Bank and SunTrust Shariah audit experience, as group head of Shariah, but does not republish current ACE membership, the main disclosure gap in an otherwise strong governance picture.

Assessment: Noor has converted takaful theory into a working, evidenced system at a scale no Nigerian rival matches, and NIIRA 2025's formal recognition of takaful under Section 200 plus compulsory insurance enforcement should widen its funnel. The risks to watch are concentration (five states plus Abuja), quote-opacity outside motor, and the unpublished current scholar roster. None of these is disqualifying; all are fixable disclosure and distribution problems for a company approaching its tenth anniversary as, deservedly, the market leader.