Who we are?
Pegro Takaful Cooperative Society Limited is a pioneering Shariah-compliant financial cooperative committed to providing ethical, transparent, and inclusive risk protection solutions. Established with the mission of empowering communities and individuals in Nigeria, Pegro Takaful bridges the gap between traditional financial services and the principles of Islamic finance, offering a cooperative model that prioritizes shared responsibility and mutual benefit.
At Pegro Takaful, we uphold the Islamic principle of Takaful—a system of mutual guarantee where participants pool resources to assist one another in times of need. This approach aligns with the Quranic injunction:
“Help one another in acts of piety and righteousness, and do not assist each other in acts of sin and transgression.” (Surah Al-Ma’idah, 5:2)
Guided by this divine directive, Pegro Takaful ensures that every aspect of its operations is rooted in fairness, equity, and the collective welfare of its members.
Why Choose theTakaful Model?
Thus, Takaful is more than a financial solution; it is a moral and ethical system that promotes mutual aid, fairness, and collective prosperity. At Pegro Takaful Cooperative Society Limited, we are proud to uphold the principles of Takaful, combining the cooperative model with Shariah-compliant practices to deliver protection and peace of mind to our members. Together, we strive to build a resilient community where everyone can thrive, guided by faith and solidarity.
What is Takaful?
Pegro Takaful Cooperative Society Limited operates under the framework of the Nigerian Cooperative Societies Act and Islamic principles of Takaful. The cooperative model further strengthens the principles of mutual aid and collective responsibility by integrating the ethos of cooperatives with the ethical guidelines of Shariah.
Key Features of the Cooperative Society Takaful Model
1. Membership-Based System
a. Participants are members of the cooperative society and co-owners of the Takaful fund.
b. Decisions about fund management and surplus allocation are made democratically, adhering to the cooperative principle of "one member, one vote."
2. Pooling of Resources
a. Members contribute to a common Takaful fund, which is used to indemnify those who experience losses, ensuring shared risk and collective benefit.
3. Transparent Governance
a. The cooperative society operates transparently, with annual reports and financial statements available to all members.
b. Funds are managed by a Management Committee and overseen by a Shariah Advisory Board to ensure compliance with Islamic principles.
4. Regulatory Alignment
a. The cooperative operates in compliance with the Nigerian Cooperative Societies Act, ensuring legal protection and alignment with local regulations.
Pegro Takaful Cooperative Society Limited operates under the framework of the Nigerian Cooperative Societies Act and Islamic principles of Takaful. The cooperative model further strengthens the principles of mutual aid and collective responsibility by integrating the ethos of cooperatives with the ethical guidelines
The Takaful system is underpinned by six fundamental principles that ensure its ethical and Shariah-compliant operation:
- Mutual Responsibility (Ta’awun)
Participants are jointly responsible for safeguarding each other’s interests, fostering a sense of community and solidarity.
Hadith:
“The believers, in their mutual kindness, compassion, and sympathy, are just like one body. When one part of the body suffers, the whole body responds with wakefulness and fever.” (Sahih Bukhari and Sahih Muslim)
- Shared Risk (Mudharabah)
Risks are shared among participants, ensuring no individual bears the financial burden alone. - Voluntary Contribution (Tabarru)
Contributions are made with the intent of supporting others, rather than personal financial gain, emphasizing altruism. - Transparency (Masuliyah)
Transactions and fund management are transparent, ensuring participants understand how their contributions are utilized. - Shariah-Compliant Operations
Takaful funds are invested only in halal ventures, avoiding activities prohibited under Islamic law. - Equitable Surplus Sharing
Surpluses in the fund are distributed equitably among participants or retained for future use, reflecting the cooperative’s collective benefit.
of Shariah.
Key Features of the Cooperative Society Takaful Model
1. Membership-Based System
a. Participants are members of the cooperative society and co-owners of the Takaful fund.
b. Decisions about fund management and surplus allocation are made democratically, adhering to the cooperative principle of "one member, one vote."
2. Pooling of Resources
a. Members contribute to a common Takaful fund, which is used to indemnify those who experience losses, ensuring shared risk and collective benefit.
3. Transparent Governance
a. The cooperative society operates transparently, with annual reports and financial statements available to all members.
b. Funds are managed by a Management Committee and overseen by a Shariah Advisory Board to ensure compliance with Islamic principles.
4. Regulatory Alignment
a. The cooperative operates in compliance with the Nigerian Cooperative Societies Act, ensuring legal protection and alignment with local regulations.
Ethical Foundations
Takaful eliminates elements of conventional insurance that conflict with Islamic teachings:
- Riba (Interest): Takaful avoids interest-based transactions, ensuring funds are invested in halal activities.
- Gharar (Excessive Uncertainty): The structure of Takaful minimizes uncertainty by clearly defining contributions, coverage, and claims processes.
- Maysir (Gambling): The cooperative nature of Takaful ensures that participants do not profit at the expense of others but instead share risks and benefits.
Promoting Social Justice
The Takaful system embodies the Islamic principle of social justice by:
- Providing financial protection to all, including underserved and low-income communities.
- Encouraging ethical financial behavior and mutual responsibility.
- Supporting community resilience through solidarity funds and disaster relief initiatives.
At Pegro Takaful Cooperative Society Limited, we believe that strong leadership and governance are the cornerstones of delivering ethical, efficient, and community-focused services. Our leadership team comprises experienced professionals with diverse expertise, while our Shariah Advisory Board ensures that all operations align with Islamic principles. Together, they uphold Pegro Takaful’s commitment to mutual responsibility, transparency, and Shariah compliance.
The Shariah Advisory Board plays a pivotal role in Pegro Takaful’s governance, ensuring that all operations, investments, and products strictly adhere to Islamic principles. This esteemed board provides guidance on Shariah compliance, fund management, and participant interactions.
Members of the Shariah Advisory Board
Governance Framework
