Noor Investment Group LLC Launches Noor Takaful to Meet Growing Regional Demand |
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New Entities Aim to be Takaful Industry Leader
Dubai: 6 January, 2009 - Noor Investment GroupNoor Investment Group
LLC today announced the launch of its Noor Takaful brand offering a comprehensive and innovative range of Shari'ah compliant Takaful (Islamic insurance) products to meet the growing demand within the UAE and GCC region. All services will be offered either through Noor Takaful Family PJSC or Noor Takaful General PJSC.The move is in line with the company's strategy to capitalize on the flourishing GCC Islamic insurance sector which has been anticipated to grow at a rate between 20-25 per cent per annum, according to independent industry experts.
Noor Takaful Family PJSC and Noor Takaful General PJSC are headquartered in Dubai and they have a combined paid up capital of AED 150 million. They will operate initially from 4 locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The aim is to expand the reach of these companies to include the Middle East and North African region.
Hussain Al Qemzi, Group CEO, Noor Investment GroupNoor Investment Group, said: "The launch and development of a world class portfolio of takaful products and services marks Noor Investment GroupNoor Investment Group's entry into a thriving sector within Islamic finance. By embracing a customer centric business model, we are confident that Noor Takaful will position itself as the region's leading Islamic finance institution, in both size and stature, and will raise the bar on international best practices in the industry."
Taking root in the solid principles of Noor Investment GroupNoor Investment Group, the newly established entity aims to position itself as a leading player in the global takaful industry, which is estimated to be worth around US$2 billion.
Dr. Ahmed Aljanahi, Deputy Group CEO, Noor Investment GroupNoor Investment Group said: "Takaful has a special role to play in the market as the medium to long term prospects for the sector remain high. The demand for takaful products has grown gradually over the past few years, particularly within the GCC region, aided by a shift towards ethical, innovative and Shari'ah-compliant financial solutions."
Parvaiz Siddiq, CEO, Noor Takaful, said: "Shari'ah-compliant insurance solutions are fast gaining wide-spread acceptance across diverse customer profiles. The phenomenal growth of the takaful industry signals the need for a service-focused provider that is committed to offering socially responsible insurance solutions to customers within the region."
Noor Takaful Family provides products designed to meet the needs of providing assurance through products such as healthcare, group family and life. Noor Takaful General will offer products to provide peace of mind against loss or damage to assets related to marine, engineering and aviation industries. Additional innovative products including savings schemes are also expected to follow shortly.
-Ends-
Noor Takaful
Noor Takaful is the Shari'ah compliant insurance brand of Noor Investment GroupNoor Investment Group LLC. Through its 2 entities Noor Takaful Family PJSC and Noor Takaful General PJSC, it offers a broad range of Shari'ah compliant general and family takaful products. Noor Takaful's business model is founded on the Shari'ah principle of wakalah. Noor Takaful administers the process of participation, manages collection of the takaful contribution and processes the claims according to the contract agreed with the participants. In addition, Noor Takaful will also act as a trustee for investing funds in Shari'ah compliant structures to generate returns on the contribution paid. Noor Takaful aims to set new standards in the region's booming takaful industry with a focus on service innovation. Noor Takaful's products and services are governed by a Shari'ah supervisory board comprising of well-known Islamic scholars. For more information, please visit: www.noortakaful.com
For media enquiries, please contact:
Maliha Aqeel
Account Manager - Finance Practice
Jiwin Public Relations
Tel: +9714 3613598
Mob: +97150 6331976
Email: maliha.aqeel@jiwin.ae
Burgess Baria
Senior Account Executive - Finance Practice
Jiwin Public Relations
Tel: +9714 3642199
Mobile : +97150 6961987
Email: burgess.baria@jiwin.ae
© Press Release 2009
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