DUBIA, 23 Oct, 05 (WAM) - The Dubai Islamic Insurance and ReinsuranceCompany (AMAN) is tightening its grip on the mortgage protectionmarket following the signing of an agreement with Emirates IslamicBank.
Under the agreement, all customers who take out home financingwith Emirates Islamic Bank will be eligible for a mortgage protectionpolicy.
The protection means that any outstanding home finance willbe fully paid up by AMAN in the event of the policyholder's accidentor death. It also means that the customer's next of kin willnot have to bear the burden of mortgage repayments, accordingto a report in Khaleej Times.
AMAN, the UAE's leading takaful protection provider, is alsoin negotiations with the Sharjah Islamic Bank to provide itscustomers with mortgage protection.
AMAN's general manager, Jihad Feitrouni, said: "We hope to haveall Islamic banks in the UAE as a customer in the near future."He also spoke of the company's competitiveness, namely its "reasonable'policy conditions, good service and the Islamic nature of theoperation.
AMAN's managing director, Hussein Mohammad Al Meeza, also said:"This joint venture reflects AMAN's strategy to partner withorganisations offering Shariah compliant products and services.
The agreement reflects AMAN's vision to reach new segments inthe market and offer Shariah compliant products at a competitiverate." And head of branches at Emirates Islamic Bank, Samih MohammedAwadhallah said: "We believe in providing a holistic financialsolution to our customers to satisfy their diverse needs. Productssuch as takaful are an important element in a person's financialdealings." AMAN already offers mortgage protection through itsaffiliate company, Dubai Islamic Bank, which holds a significantstake in AMAN. The Investment Office and numerous retail companiesare also investors in AMAN.
