Nigerian insurers have been urged to be transparent and accountable while performing their various business activities.
At the 2018 Ramadan Tafsir Lecture organised by the Chartered Insurance Institute of Nigeria (CIIN), lagos, the Chief Imam, Magodo Central Mosque, Abdul Semi Olatunji Alkhelany said that insurance is all about trust (utmost good faith), thus all operators in the insurance industry must be very transparent and truthful while offering services to their client as deviation from this might be very disastrous.
According to him, the operators should ensure that their policy holders are fully knowledgeable of everything that pertains to the product they are buying, such as the product’s benefits, the risk it covers, etc. He said that by doing this, the industry would have shown transparency in its product delivery.
He also noted that unlike Nigeria, insurance is a part of social structure in some other countries. He therefore implored the insurance industry to work on its image and also increase the awareness of the public about insurance products and services.
He pointed out that most companies that are no longer active, are like that due to their breach of transparency and accountability in business management. He made it clear in his speech that any company that fails to imbibe these two elements of business ethics would surely collapse. He praised the insurance industry for coming up with Takaful products, which addresses the needs of Muslims while encouraging Islams to subscribe to the products, as it is very beneficial. He also charged all fellow Islamic clerics to enlighten their members in the mosques on the importance and need to subscribe to this insurance scheme.
The President CIIN, Funmi Babington-Ashaye represented by the Director-General of the institute said that the Ramadan lecture is an annual event with the purpose of bringing Muslims in the insurance industry together to listen to sermons in the month of Ramadan and pray for both the insurance industry and the nation.
He disclosed that the program which started in 2013, is a forum meant to unite Muslims in the insurance industry and also discuss on how to improve their lives as individuals and as an industry.
Similarly, the Chairman of the occasion, Kola Ahmed, who was the former Director-General of CIIN, charged the insurers to make sure the general public is aware of their program because they can never buy what they are unaware of.