Hilal Takaful Review - Halal Finance Products

Motor cover from Nigeria's original takaful pioneer: Hilal Takaful, formerly Cornerstone Takaful, became the first composite takaful window operator in 2010 and is now a fully licensed standalone operator (NAICOM RIC RTC 003), 99.99 percent owned by listed insurer Cornerstone Insurance Plc. Comprehensive Motor Takaful covers loss or damage to all vehicle types from collision, overturning, fire, external explosion, self-ignition, lightning, theft and malicious acts. Third Party Motor Takaful covers third-party property damage up to N3,000,000 and unlimited (but reasonable) liability for third-party death or bodily injury; buying requires only chassis, engine and registration numbers. Claim-free participants are eligible for surplus.

Hilal's consumer and small-business property lines: Property Guard Takaful, a packaged home cover protecting buildings, belongings and personal assets against forcible-entry theft, fire, lightning, explosion, riot, malicious damage, storm, flood, earthquake and impact damage, with contributions scaled to property and contents values; Fire / Burglary / Allied Perils cover for shops, warehouses and offices; Money / Cash Takaful protecting cash in premises, safes and personal custody; and Public Liability cover for third-party injury and property claims. All operate on the tabarru donation principle with surplus eligibility for claim-free participants, from the operator that has distributed surplus for more than seven years.

Hilal's family protection shelf is the market's broadest published list: Takaful Group Family Scheme with flexible contributions and Mudarabah profit sharing; Credit Takaful Cover for short-term borrowers, relieving guarantors and ensuring dependents inherit assets not liabilities; Keyman Takaful protecting businesses against loss of key staff, including buyout funding for a deceased partner's shares; Takaful Mortgage Protection guaranteeing outstanding home financing; the Pilgrim Care Scheme covering death and property theft during Hajj at a published N6,500 pure-tabarru contribution (18-plus age limit, distributed via Hajj agencies and pilgrim boards); a Group Educational Scheme sold through Islamic schools with per-term contributions collected with school fees; and a Travellers Scheme covering scheduled airline passengers and interstate road travel.

Hilal's savings plans carry the most published NGN detail in Nigerian takaful. The Takaful Investment Plan (ages 18-60) offers systematic savings with Mudarabah profit sharing, unit-based multiple shares, flexible payment from monthly to single-premium, and death plus permanent disability cover. The Esusu Plan digitises Nigeria's traditional daily-savings culture: minimum N200 per day, N1,400 per week or N6,000 per month over 2-10 year tenors, with a 1 percent tabarru rate and part or pre-maturity withdrawal allowed. The Marriage Takaful Plan targets wedding costs over 1-5 year terms with part-withdrawal. The Hajj and Umrah Plan builds pilgrimage funds at a minimum N12,500 monthly or N150,000 annually over five years, with tabarru payable and investment profit shared.

Hilal's commercial book, summarised as one line: Goods-In-Transit cover for road, rail and inland waterways within Nigeria including loading and unloading; Marine Cargo takaful for sea and air imports (halal goods only) with a dedicated import-focused Marine Cargo policy for goods entering Nigeria; Plant / Contractors All Risk for construction sites, materials, machinery and attendant third-party liability; Fidelity Guarantee against employee theft, embezzlement and forgery; Professional Indemnity for negligence claims; Payment Bond takaful ensuring subcontractors and suppliers get paid on contractor default; and Public Liability. The shelf serves importers, contractors and professional firms from the Lagos office, with claim-free participants eligible for surplus under the operator's long-running distribution practice.