Two new takaful insurance [4] companies, Cornerstone Takaful Insurance Company and Salam Takaful Insurance Company, have just been authorized by the National Insurance Commission (NAICOM) to practice on the Nigerian insurance market [5]. The two new entities will operate in life and non-life insurance.
The newly-created companies bring the number of takaful companies operating in Nigeria to four. Noor Takaful and Jaiz Takaful obtained their licences in 2016.