A new shariah-compliant car insurance product designed to give back to communities and policyholders has been launched in Nigeria.
The brainchild of insurtech start-up ETAC, ETAC Takaful will redistribute left-over funds annually to users and to social projects in communities.
Africa Business Communities reports that policyholders will contribute to a common fund, which will cover claims for damage and loss. Once a year, the remaining funds will be collated and redistributed to policyholders or to their nominated non-profit beneficiary.
Policyholders can also opt for a cashback or for discounts on future premiums.
Ibraheem Babalola, CEO of ETAP, says the product was developed because ‘in a country like Nigeria where Muslims make up almost half of the 220 million population, the vast majority of insurance products on the market are not an option to most’.
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