| Nigeria has issued new guidelines to oversee the operation of its takaful (Islamic insurance) industry, favoring a centralised format that is gaining favour across the Islamic finance world. Africa's top oil producer and second biggest economy is trying to establish itself as the African hub for Islamic finance, having approved rules for issuing sukuk in March.
Nigeria, home to the largest Muslim population in sub-Saharan Africa, hopes the guidelines will boost insurance penetration. Its insurance sector had total assets of 621 billion naira ($3.9 billion) as of December 2011, according to official data...............................................Full Article: Source
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