UNILORIN NEWS: Alaro joins National Insurance Commission's Advisory Council

Dr. Abdulrazzak Abdulmajeed Alaro of the Department of Islamic Law, University of Ilorin, has been appointed as a member of the Takaful Advisory Council (TAC) of the National Insurance Commission.

While inaugurating the council in Abuja recently, the Minister of State for Finance, Mr. Bashir Yuguda, said, “As Shariah scholars, it is universally acknowledged that the status you are occupying in the society is an exalted one, which is difficult to handle without vast knowledge and sincerity of purpose. I believe your choice as members of the council resulted from consideration of your rich profiles, knowledge and individual contributions towards the development of Islamic finance in your various capacities."

Other members of the TAC include Prof.  Dawud Olatokunbo Shittu Noibi, who will serve as its Chairman, Dr. Bashir Umar Aliyu and Dr. Abubakar Mohammed Sani.

The council will, among other responsibilities, serve as an additional layer for addressing issues that may arise from Takaful operators regarding Shariah compliance in Takaful undertakings.

It will also work with established framework to exploit the viable Takaful insurance sector under a Takaful Insurance Operational Guidelines established in 2013 and advise the Commission on all Shariah matters on the Takaful undertakings.

It will be recalled that Dr. Alaro was recently re-appointed as a member of the Central Bank of Nigeria's Financial Regulation Advisory Council of Experts (FRACE) on Non-Interest Financial Institutions (NIFIs).

According to a letter signed by the CBN's Deputy Governor, Economic Policy, Dr. Sarah O. Alade, the reappointment was based on CBN management's assessment of the don's performance as a member of the same council for the past two years.