The National Insurance Commission has granted approval in principle to Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company Limited.

Both companies were given approval as Composite Takaful operators to transact both family and general Takaful business in Nigeria.

This new development brings the total number of wholly Takaful operators to four as the regulator had in 2016 granted licence to Noor Takaful and Jaiz Takaful.

A statement from the commission said the approval in principle to the two new companies was in line with its drive for inclusion towards increasing insurance penetration in the country.

It said a final operating licence would be issued to the companies upon provision of evidence of conducive business environment at their head offices, an appropriate information technology infrastructure and appointment of a head of information technology.