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| Image: a group picture of the IEI's officials at the 2025 AGM held in Dutse, Jigawa State Capital. |
By Salisu Muhammad
International Energy Insurance (IEI) has emphasized its commitment to Shari'a compliance as it expands its services into Northern Nigeria.
The company's Independent Non-Executive Director, Dr. Chamberlain Peterside, explained that the decision to hold its 44th Annual General Meeting (AGM) in Dutse, Jigawa State, was driven by business interests, not emotional appeal.
Dr. Chamberlain Peterside while interacting with Journalists shortly after the Company's AGM held on Thursday at Dutse, the Jigawa State capital stated that "IEI has been undergoing significant transformations, including expanding its services and venturing into Shari'a-compliant financial services.
"The company aims to patronize its customers with Shari'a-compliant services in the North, which will be "wholeheartedly embraced," Dr. Peterside said .
He stressed further that the company's decision to take its AGM to the North was also driven by the region's vast business opportunities. With approximately 9 million vehicles in the North, out of 35 million nationwide, IEI sees potential for increased income generation.
According to him, "IEI has a strong blueprint for expansion, with offices already established in Kano and Kaduna. The company plans to further expand its services and physical offices to other parts of the North."
Dr. Peterside therefore emphasized the company's target to meet the minimum national share capital prescribed by law, stating, "We don't want to be left behind."
Similarly, the Managing Director Mr. Olasupo Sogelola while shedding more light to the press after the meeting, revealed that, IEI had overcome significant challenges, including clearing liabilities and unpaid claims of over N4.8 billion.
"The company is now equipped to settle insurance claims below N400,000 within an hour, providing assurance to car owners of its readiness to settle claims without difficulty," said Mr. Sogelola.
He explained that it's in our knowledge that "Shari'a law, also known as Islamic law, is a set of principles that guide Muslims' behavior. In the context of finance, Shari'a-compliant services ensure that investments and transactions adhere to Islamic principles, and we are very ready to comply."
Moreso, Mr. Sogelola noted that company's expansion into the North is significant, considering the region's growing economy and increasing demand for insurance services."
"The company's commitment to Shari'a compliance and efficient claims settlement demonstrates its focus on customer needs and satisfaction," he added.
Additionally, the Managing Director revealed that IEI's restructuring efforts aim to position the company for growth and success in the competitive insurance industry and the company recognized that "the North offers vast potential for insurance companies, with its growing population and increasing economic activities."
"This expansion into Shari'a-compliant services may set a precedent for other insurance companies in Nigeria to follow suit. The company's Shari'a-compliant services will provide customers with more options and flexibility in their insurance choices," he hinted further.
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