Doha, Qatar May 5th 2012: Aiming to provide increased protection cover to customers, MashreqQatar, a leading financial institution in the region, has signed a strategic marketing partnership with Medgulf Allianz Takaful, in the family takaful segment. The agreement between the two parties was held at the Mashreq Head Office in Doha.

The partnership entails offering tailor-made Takaful Islamic solutions for child education, retirement, general savings, and protection of investments for customers across all nationalities. These Takaful plans have highly flexible features with two currency options (USD and QAR) and offer a wide choice of Shari'ah compliant investment funds.

Niranjan Mendonca, Head of Retail Banking, Mashreq Qatar commented, "Mashreq continuously endeavours to offer products and solutions keeping in mind our customers' needs and sentiments. Similar partnerships pave the way for  us to offer our customers an access to value-added  Shari'ah complaint insurance products through one unique service. The diversity of our propositions assists us to extend not only banking solutions, but one that accommodates customer requirements."    

Shaun McCarthy, Director - Family Takaful of Medgulf Allianz Takaful added, "Our partnership with MashreqQatar will go a long way to raise the level of awareness on the benefits of using takaful products and services. Some of the plans that we are offering are just fantastic.  The Jana protection plan provides life cover of up to QAR 367,000 for a monthly contribution of just QAR 360.  Another great product is the Ayjal Child Education Plan - if you purchase the plan for a newborn and pay just QAR 600 a month, the payout on the plan after 18 years can be well over QAR 150,000 while at the same time providing a life cover of a similar amount."

Takaful is based on the concept of a collective responsibility to pool capital to guarantee one another against loss or damage and draws on Shari'ah principles, where individuals cooperate with and protect each other. As per the World Takaful Report 2012 by Ernst & Young the global Takaful premium rose 19 per cent to $8.3b led by GCC countries which collectively made $5.68 billion of Islamic insurance or Takaful contributions in 2010.

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About Mashreq:
Mashreq is one of the UAE's leading financial institutions and the region. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers' cheques, credit cards and ATMs.

Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euro money and various awards particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. It's most recent acknowledgement was Best Consumer Internet Bank in Qatar, Best Consumer Internet Bank regionally by Global Finance Awards 2009 and Best Emerging Market Banks Middle East  by Global Finance Awards 2010.

As a leading financial Institution in Qatar, Mashreq aims to be world class in every facet of its business; including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining Qatari National employees.

For further information, please contact: 
Huda Ismail                                                                       
Mashreq                                                                                                                             
+9714 608 3629

© Press Release 2012