The Muslim Rights Concern (MURIC) has appealed to the National Insurance Commission (NAICOM) to withdraw its recent circular prohibiting conventional insurance companies from engaging in co-insurance arrangements with Islamic (Takaful) insurance operators.
In a statement released by its Founder and Executive Director, Professor Ishaq Akintola, MURIC described the circular as discriminatory, divisive, and a threat to Nigeria’s religious harmony and business inclusivity.
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According to Akintola, the directive from NAICOM represents “an archaic, parochial, and Islamophobic policy” that undermines the interests of Muslim business owners and investors participating in the Takaful insurance sector.
“The circular seeks to undermine the operations of Islamic insurance companies and limit access to insurance services for millions of Nigerian Muslims,” Akintola said. “Such a move promotes religious discrimination and disrupts the spirit of free enterprise that should govern Nigeria’s business environment.”
He further criticized the policy, labeling it as “a form of insurance apartheid” that could deepen religious divisions and provoke economic segregation.
“Professionals in the insurance industry are well aware that conventional insurance firms already serve numerous Muslim clients. This policy could unintentionally trigger a withdrawal of Muslim customers from conventional companies, thereby creating unnecessary tension in the sector,” he added.
Akintola argued that NAICOM’s decision reflects “a lack of emotional intelligence and poor strategic foresight,” insisting that it should be reconsidered in the interest of national unity and fair business practice.
“This circular is anti-Islam, unjust, and counterproductive. It must be retracted immediately,” the statement concluded.
MURIC therefore called for the immediate and unconditional withdrawal of the controversial circular, emphasizing that Nigeria’s insurance industry should be guided by principles of equality, fairness, and respect for religious diversity.
