Noor Takaful Insurance Limited
“Can a Shariah-compliant, mutual-model insurer become the default channel for expanding Nigeria's insurance market from ~1% to mass-market penetration?”
Noor Takaful was founded in 2016 as Nigeria's first full-fledged composite Takaful (Shariah-compliant) insurer, addressing both the country's ultra-low ~1% insurance penetration and the ethical concerns preventing many Muslim Nigerians from buying conventional cover. The group has since expanded to include Noor Health Limited and launched a digital Takaful app (Raha) to distribute policies and process claims directly to consumers. With the passage of NIIRA 2025 (which formalises Takaful under Section 200) and public signaling of a possible capital-market listing, the company is positioning itself as the anchor operator for Nigeria's non-interest insurance market.