Islamic cleric urges Muslims to embrace insurance

Muslims faithful in Nigeria have been urged to embrace insurance and use it to secure their lives and property.

Chief Imam, Oluyole Estate Extension Ibadan, M.A. Bada, make the plea on Thursday at the Chartered Insurance Institute of Nigeria (CIIN) 2016 Ramadan Tafsir in Lagos.

The Chief Imam noted that Prophet Mohammed practiced insurance inform of charity, adding that Islam did not negate insurance practice.

He noted that since Insurance is a form of risk mitigating tool, it has a place in Islamic religion.

“Islam did not negate insurance, since it is a form of protection against future loss. Prophet, during his life time, practiced a form of insurance, although he did this as charity, because he never collect any form of money for rendering such service.

“The difference between then and now is that insurance operators have decided to operate insurance as an entity or a company, where managers get paid for providing insurance services.

“In fact, in Saudi Arabia, if you are not insured, there are certain privileges you would not enjoy,” he posited.

He therefore called on Muslims to shun greed and high quest for money, stressing that God has promised to bless those who fear Him.

The Imam called on insurers and the public to esteem utmost good faith in all they do, adding that doing so, would make the world a better abode for human.

Director-General Chartered Insurance Institute of Nigeria, Richard Borokini, urged Muslims to imbibe the teachings of God and ensure that they practice all they have learnt during the fasting.

He said the annual event was designed to elevate the spirit of insurance practitioners and by extension attract God’s blessings to the industry.

Published in The Daily Times Newspaper on Monday, June 20, 2016