A faith-based human rights group, the Muslim Rights Concern (MURIC), has strongly condemned a recent directive by the National Insurance Commission (NAICOM), calling it discriminatory and unconstitutional. The group is demanding the immediate reversal of a circular that prohibits conventional insurance companies from entering into coinsurance arrangements with Islamic (Takaful) insurance providers.
In a press statement signed by its Founder and Executive Director, Professor Ishaq Akintola, and released to journalists on Tuesday, MURIC accused NAICOM of introducing what it described as “religious apartheid” into Nigeria’s financial system.
The controversial circular, referenced NAICOM/I&R/CIR/69/2025 and dated August 19, 2025, is titled “Prohibition of Coinsurance Arrangements Between Takaful Companies and Conventional Insurance Companies.” It effectively bars collaboration between conventional and Islamic insurance firms on shared insurance contracts.
MURIC condemned the move in strong terms, labelling the circular as “archaic, myopic and parochial,” arguing that it undermines the rights of Nigerian Muslims and poses a threat to religious harmony in the country.
> “It aims at the heart of the businesses of Nigerian Muslims, particularly Islamic insurance (Takaful) companies,” Akintola stated. “It seeks to divide Nigerians against themselves while it threatens religious tolerance and peaceful coexistence.”
Quoting Section 14(4) of the 1999 Constitution of the Federal Republic of Nigeria, MURIC argued that NAICOM’s directive violates the constitutional requirement for inclusivity and respect for Nigeria’s cultural and religious diversity.
Akintola warned that the circular could provoke wider consequences, including potential economic withdrawal by Muslim customers from conventional insurance providers.
> “NAICOM may have inadvertently tickled the consciousness of Muslims for self-determination in the area of insurance,” he said. “This is capable of generating an unhealthy atmosphere whereby Muslim customers begin to withdraw from non-Islamic insurance companies due to this unhealthy and tactless development.”
Describing the policy as “anti-Islam” and “malicious,” MURIC maintained that it lacks strategic foresight and emotional intelligence, warning that it could destabilize the industry.
The group has called on NAICOM to immediately and unconditionally withdraw what it calls an “offensive, provocative and illegal circular.”
The Commission has yet to respond publicly to MURIC’s demands as of the time of filing this report.
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Tags: #NAICOM #Takaful #MURIC #ReligiousFreedom #InsurancePolicy #NigeriaNews #CoinsuranceBan
