Jaiz Takaful Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
Jaiz Takaful offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
Jaiz Takaful - At a Glance
5
Products Reviewed
All
Provinces (Nationwide)
2
Categories
Our Verdict
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.
Pros & Cons
What We Like
- Most transparent audited disclosures in the market: fund economics, sukuk holdings and surplus policy all published
- Four consecutive NAICOM-approved surplus distributions totalling about N586 million (2020-2023)
- Named, working academic ACE with annual signed opinions in the accounts
- Five-step app issuance for compulsory third-party motor plus a surplus-search portal
- Dedicated agric takaful line and strong institutional client roster
What Could Be Better
- Effective wakala deduction of roughly 50 percent of gross contributions is costly for participants
- Abuja-centric: no published branch network for physical claims support
- Product pages are one-line listings with no downloadable wordings or rate cards
- Family takaful class produced no surplus for 2023 after heavy claims
- Customer base near 5,000 (2024 reporting) is small against its one-million-by-2030 ambition
Who Is Jaiz Takaful Best For?
Institutions and corporates needing documentable Islamic insurance governance
Audited fund segregation, named scholars and annual signed Shariah opinions satisfy procurement and compliance requirements
Abuja and northern drivers wanting convenient compulsory motor takaful
Five-step app purchase of compulsory third-party cover with surplus eligibility and a payout lookup portal
Farmers around the capital seeking faith-compliant production cover
Six agric lines from poultry to fishery plus a combined produce-and-investment product
Detailed 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.
How It Works
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.
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.
Shariah Compliance Review
Oversight Level
Review details on provider's website
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)
Shariah compliance should always be verified directly with Jaiz Takaful. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It 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.
vs. Noor Takaful
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.
vs. Salam Takaful
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.
vs. Hilal Takaful
Oldest takaful pedigree and Cornerstone's balance sheet, with wider commercial lines; no published scholars or surplus amounts.
vs. Crown Takaful
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.
Products from Jaiz Takaful
Why It's Halal
Agricultural takaful is a natural fit for the mutual model: farmers facing correlated seasonal risks pool tabarru contributions and support whichever members suffer loss, with Jaiz managing the fund under its audited hybrid Wakala-Mudaraba structure rather than profiting from underwriting. Fund assets are invested in Shariah-compliant instruments including sukuk, documented in the FY2024 annual report, and any underwriting surplus flows back to claim-free participants under the NAICOM-approved distribution policy that has paid out four consecutive years (N586m total for 2020-2023). The named Advisory Council of Experts, Professors Maiturare, Karwai and Uthman, reviews all products including the combined produce-and-investment plan, where the investment sleeve must also pass Shariah screening. Public documentation of per-product mechanics is thin, so farmers should request the certificate wording, particularly for the investment component, before enrolling.
Jaiz Takaful
Agric Takaful (Poultry, Crops, Livestock, Fishery)
A dedicated agricultural takaful line, unusual in the Nigerian market: Poultry cover, Farm Produce, Commercial Crops, Domestic Animals, Fishery and Fish Farm cover, plus a Combined Agricultural Produce and Investment product that pairs farm risk protection with an investment element. The line targets smallholders and commercial farms facing disease, fire, storm and related production risks, and rounds out Jaiz's positioning as a composite operator serving northern Nigeria's agricultural economy from its Abuja base. Cover is quote-based through the head office, agents and brokers, with claim-free participants sharing in the annual surplus under the company's published 80/20 distribution policy.
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Jaiz Takaful
Motor Takaful (Third-Party & Private Car)
Motor cover from Jaiz Takaful Insurance Limited, the Abuja-headquartered operator incorporated in December 2013 and licensed by NAICOM on 19 August 2016. The general takaful shelf includes Motor Third-Party Cover, the compulsory minimum under Nigerian law, and Private Car Owners comprehensive cover. Jaiz has leaned into digital distribution: its mobile app (iOS and Android) issues third-party takaful in five steps and manages policies, and a public surplus-search portal lets participants check surplus due against their policy number. Motor was one of the largest surplus contributors in Jaiz's book, with N60.01 million returned to claim-free motor participants for 2022.
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Jaiz Takaful
Family Takaful Protection Plans
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.
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Jaiz Takaful
General Takaful (Fire, Burglary, Marine, Engineering)
Jaiz's non-motor general takaful book covers homes and businesses: Fire and Special Peril for buildings and contents, Burglary cover for forced-entry theft, Marine Hull for vessel owners, and Contractors All Risk for construction projects, alongside the motor lines listed separately. Clients span individuals to institutions; published corporate participants and surplus beneficiaries have included the Federal Mortgage Bank, the Sharia Court of Appeal, the Federal Inland Revenue Service and Jaiz Bank. The general class (excluding motor) returned N62.38 million of surplus for 2022, the largest single class contribution that year. Cover is quote-based through the Abuja head office, agents and brokers.
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Jaiz Takaful
Child Education Plan
Jaiz's long-term education savings plan within its family takaful shelf, marketed on the company's homepage as the way to secure your family's future with a Takaful Education Plan. Parents make regular contributions that build an education fund for a named child, with the mutual risk pool stepping in to keep the plan funded if the contributing parent dies before the term ends. It sits alongside the Comfort Family Plan and group products in the family takaful risk fund, whose assets are invested in Shariah-compliant instruments including sukuk, and participates in the family class surplus when one is declared, N58.15 million across family classes for 2022.
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Where Available
Based on listings we track, Jaiz Takaful operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Jaiz Takaful.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
Jaiz Takaful offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Insurance, Retirement options.
Key Takeaways
- Jaiz Takaful offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Insurance, Retirement.
- Always verify compliance directly with Jaiz Takaful and consult qualified Islamic finance advisors when needed.
- Compare Jaiz Takaful's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Frequently Asked Questions
What types of halal products does Jaiz Takaful offer?
Jaiz Takaful offers 5 products across 2 categories. Jaiz Takaful is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Jaiz Takaful directly for current offerings.
How does Jaiz Takaful ensure Shariah compliance?
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 does Jaiz Takaful work?
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.
Is Jaiz Takaful available in my state?
Jaiz Takaful operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Jaiz Takaful.
What are alternatives to Jaiz Takaful?
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. Noor Takaful: 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. Salam Takaful: 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. Hilal Takaful: Oldest takaful pedigree and Cornerstone's balance sheet, with wider commercial lines; no published scholars or surplus amounts. Crown Takaful: Abuja neighbour and newest licensee with a strong scholar council; no track record yet on claims or surplus.
Are Jaiz Takaful's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Jaiz Takaful?
Contact information for Jaiz Takaful should be available through their website or the product listings above. Use the action links provided with each product to visit Jaiz Takaful's website or contact them directly for more information.
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