Noor Takaful Family Takaful Savings Plans (Prosave, Provest, Flexip)
Islamic Retirement & Pension in Lagos
Noor's long-term savings shelf: Prosave and Provest Family Takaful combine disciplined saving with family protection, paying benefits to loved ones if the participant dies before maturity, allowing partial withdrawals after three years and sharing any surplus. Flexip Family Takaful is the flexible variant, balancing long-term security with short-term liquidity and year-round protection. All three take monthly, quarterly or yearly contributions with an optional targeted-savings goal, making them usable as Shariah-compliant substitutes for endowment policies or medium-term investment plans, with the participant's savings invested under Mudaraba profit-sharing.
Noor's savings trio covers the sensible bases: Prosave and Provest for goal-based accumulation with a death benefit attached, Flexip when liquidity matters more than maximum growth. The Mudaraba investment basis and tabarru protection split are textbook family takaful, and Noor's verified surplus history gives more confidence than most rivals that participant money is actually managed for participant benefit. The disclosure gap is the real weakness for a savings product: no published minimums, no fee percentages and no historic return data means you are committing to a multi-year plan on quote-stage information. Ask for the fund fact sheet and fee split in writing. As Shariah-compliant medium-term savings vehicles in Nigeria go, these are among the more credible options.
Pros
- Three savings plans covering disciplined, investment-tilted and flexible profiles
- Partial withdrawal after three years keeps savings accessible
- Death benefit protects dependants during the accumulation phase
- Mudaraba investment basis instead of fixed-interest crediting
- Operator has a verified surplus distribution record
Cons
- No published minimum contributions, fee splits or past investment returns
- No published fund fact sheets or asset allocation for the savings pool
- Three-year lock before partial withdrawals
- Physical service limited to five states plus Abuja
Start Planning
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Product Details
Structure
Hybrid Wakala-Mudaraba Takaful
Best For
Savers who want a Shariah-compliant alternative to endowment or investment-linked insurance, with family protection built in and money accessible after three years.
Noor Takaful in Lagos
Noor Takaful's Family Takaful Savings Plans (Prosave, Provest, Flexip) accepts Lagos residents, structured as Hybrid Wakala-Mudaraba Takaful. Fund VI pension options are national: any RSA holder can switch by submitting a consent form to their PFA, with one free fund-type switch per 12 months. Noor Takaful serves 6 states, including Lagos.
Our Take on Noor Takaful
Noor Takaful is the benchmark for Nigerian takaful, and the numbers back the reputation: over N11 billion in claims paid since January 2017, about N1 billion of surplus actually returned to claim-free participants, and named corporate beneficiaries, from Lotus Bank to ARM, on its published distribution lists. No other Nigerian operator has demonstrated the win-by-claims-or-by-surplus promise at this scale. The product shelf is a genuine composite offering, from published-price 3rd Party Plus motor tiers to family savings plans and SME cover marketed from N7,000 a year, delivered through the Raha app. The honest criticisms: the branch footprint covers five states plus Abuja rather than the whole federation, most pricing beyond motor tiers is quote-based, and the current Advisory Council of Experts roster is not republished on the live site, the last public scholar list dates to 2019, which is a needless transparency gap for the market leader. For Muslims in Lagos, Ibadan, Kaduna, Kano, Port Harcourt or Abuja, Noor is the default first choice; outside those cities, its digital channels still work but local claims support thins out.
How Noor Takaful Works
Get a quote and contribute
Quote online, via the Raha app or at an office in Lagos, Ibadan, Kaduna, Kano, Port Harcourt or Abuja. Your payment is a tabarru contribution to the mutual risk fund, with published tiers for 3rd Party Plus motor (N40,000 to N80,000) and quotes elsewhere.
The fund is managed under Wakala and Mudaraba
Noor administers the segregated participant fund for an agency fee and invests fund assets in Shariah-compliant instruments, sharing investment profit with the pool under mudaraba.
Claims are paid from the pool
Covered losses are paid from the participants' risk fund, over N11 billion paid since January 2017. Report claims through the Raha app, the website or any office.
Claim-free participants share the surplus
After claims, retakaful and reserves, NAICOM-approved surplus is returned to participants who made no claims, about N1 billion distributed since inception, with beneficiaries and amounts published at annual ceremonies.
Financing Structure
Noor operates both Wakala (agency) and Mudaraba (profit-sharing) takaful models. Participant contributions are made as tabarru (donations) into risk funds segregated from shareholder capital. The operator earns a disclosed wakala fee for managing underwriting and shares investment profit on fund assets under mudaraba. Underwriting surplus, contributions plus investment income minus claims, retakaful and reserves, belongs to the participant pool and is distributed to claim-free participants with NAICOM approval, N404.19 million for FY2023. Deficits, if any, would be met by qard (interest-free operator loan) per NAICOM's takaful guidelines.
In-Depth Analysis
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.
Shariah Compliance Details
- NAICOM-licensed composite takaful operator, RIC No. RTC 091 (002), listed on NAICOM's official takaful operators register (verified 2026-08-04)
- Licensed April 2016 as Nigeria's first full-fledged composite takaful operator; operations since January 2017 (verified 2026-08-04 via Noor Group and press coverage)
- Advisory Council of Experts required under NAICOM Takaful Guidelines 2013; last published roster (2019 archive) chaired by Prof. Dr. Ashraf Md. Hashim (ISRA / INCEIF); current membership not republished on the live site as of the 2026-08-04 crawl
- Internal Shariah function led by Ridwan A. Migdad, CSAA (AAOIFI), CISSA (CIBAFI), per the management team page (crawled 2026-08-04 via June 2025 site archive)
How Noor Takaful Compares
Against the other four NAICOM-licensed takaful operators, Noor leads on evidence: its N11 billion claims and roughly N1 billion surplus figures are published with named beneficiaries, while Hilal discloses no amounts and Crown has no history yet. Jaiz is the closest governance rival, with named ACE professors and audited surplus distributions (N586 million across 2020-2023), but on a smaller book concentrated in Abuja. Salam beats Noor on fund-economics transparency, publishing its 50:50 wakala ratio and 20/60/20 surplus split, and on digital channels (USSD, WhatsApp), but its physical reach is three cities and its family fund is young. Hilal has the longest pedigree (window operator since 2010) and the broadest commercial lines, yet publishes no scholars and no surplus figures. Crown brings the strongest startup scholar bench but began underwriting only in 2024. Noor's five-state footprint is its main relative weakness; Jaiz and Salam own the northern heartland narrative more credibly.
Abuja-based with audited surplus distributions four years running and a named academic ACE; better northern presence, but a roughly 50 percent wakala load and no published branch network.
Kano-based digital-first operator with a 48-hour claims promise and fully disclosed fund economics; stronger agric specialty, smaller scale and only three offices.
The 2010 pioneer, now Cornerstone-owned, with the broadest commercial and savings product lists; undermined by zero published Shariah governance and no surplus figures.
Newest operator (licensed December 2023) with an ISRA-chaired scholar council and well-documented products, but no claims, surplus or audit history yet.
Bottom Line
Noor Takaful is Nigeria's most proven Islamic insurer: real claims (N11bn), real surplus (about N1bn returned), real products with some published pricing, and credible scholarship behind the model. If you live in its five-state-plus-Abuja footprint, start here; just ask for the current ACE roster and written fund terms, because the market leader's disclosure should match its performance.
Read full Noor Takaful reviewShariah Compliance & Oversight
NAICOM's 2013 Takaful Guidelines require every operator to maintain an Advisory Council of Experts (ACE) with a signed annual Shariah opinion. Noor's last publicly published ACE roster (2019 site archive) was chaired by Prof. Dr. Ashraf Md. Hashim (ISRA / INCEIF, Malaysia) with Tan Sri Sheikh bin Haji Abdul Rahman (Shariah Advisor to the Government of Malaysia), Dr. Abdussalam Ismail Onagun and Dr. Warshu Tijjani Rabi'u (Bayero University Kano). The current site names Ridwan A. Migdad, a Certified Shariah Advisor and Auditor (CSAA, AAOIFI) and CISSA holder, as Group Head of Shariah / Head of Shari'ah Compliance, but does not republish current ACE membership, a transparency gap. (crawled 2026-08-04)
2026-08-04
Why It's Halal
These plans split contributions between a protection pool (tabarru) and a participant savings and investment account, the classic family takaful architecture that avoids the riba-bearing guarantees of conventional endowment insurance. Investment returns accrue under Mudaraba profit-sharing, so participants earn from actual Shariah-screened investment performance rather than a fixed interest promise, and the death benefit is a mutual-fund payout, not a commercial wager on life. Noor operates both Wakala and Mudaraba contracts with the fund segregation NAICOM's Takaful Guidelines require, and its distribution record, about N1 billion of surplus returned since 2017, extends to the family book. Governance caveats are the same as the rest of the shelf: the ACE roster was last published in 2019 (chaired by Prof. Dr. Ashraf Md. Hashim of ISRA / INCEIF), and per-plan fee splits and historic investment returns are not published, so savers should ask for the fund fact sheet at enrolment.
Start Planning: Noor Takaful
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Frequently Asked Questions
What is Noor Takaful Family Takaful Savings Plans (Prosave, Provest, Flexip)?
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Is Noor Takaful Family Takaful Savings Plans (Prosave, Provest, Flexip) available in Lagos?
What Shariah oversight does Noor Takaful have?
What financing structure does Noor Takaful Family Takaful Savings Plans (Prosave, Provest, Flexip) use?
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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.