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Islamic finance offers unique perspective rooted in ethical principles, social responsibility

The National Insurance Commission (NAICOM) says that Islamic finance offers a unique perspective rooted in ethical principles and social responsibility, and its operations close the void created by the conventional financial system. It added that the need for innovative solutions is paramount as countries continue to navigate an era marked by economic volatility, environmental challenges and social upheavals. Commissioner for Insurance and CEO of NAICOM, Mr. Olusegun Ayo Omosehin stated this at the 2nd edition of the African Takaful and Non-Interest (Islamic) Finance Conference themed, “Islamic Finance and Takaful; Building Resilience in a Volatile World” in Lagos. Mr. Omosehin, who was represented by the Deputy Commissioner (Technical), Dr. Usman Jankara, said that while conventional financial systems often fall short in addressing the multifaceted risks faced by individuals and communities, Islamic finance offers a unique perspective rooted in ethical principles and social responsibility.