Abstract: “This study was conducted to establish the level of knowledge of the management of takaful providers in Nigeria of Islamic financial principles relating to takaful and to determine whether the management operations of the takaful providers are in complete compliance with Islamic financial principles relating to their chosen takaful model. Using qualitative research techniques, the study discovered that the majority of persons chosen to run takaful units were inadequately educated concerning takaful. It was also discovered that some takaful providers had issues with shari’ah compliance to conditions for the validity in Islamic law of their chosen mode of financing. The paper concluded with recommendations to ensure persons dealing in the provision of takaful are adequately educated and mechanisms put in place to regulate takaful operations particularly those pertaining to modes of financing”

Keywords: Takaful principles, Islamic modes of financing, mudarabah financing, takaful models, shari’ah compliance.