Signs agreement to launch bancassurance in partnership with Medgulf Allianz Takaful

December 7th, 2011, Manama, Bahrain: Bahraini retail and commercial banking institution, BMI Bank today signed a strategic agreement with leading regional insurer Medgulf Allianz Takaful (a newly formed joint partnership between Allianz Group and Medgulf B.S.C. (c)). This agreement paves the way for the Bank to offer customers a complete suite of life and non-life insurance products from Medgulf Allianz Takaful through its extended branch network within the Kingdom.

This service, offered under the Bank's recently formed bancassurance umbrella, will be available to both Bahrainis and expatriates. The agreement was signed by the Bank's Chief Executive Officer Jamal Al-Hazeem and Dr. Abdullah Mansury, the General Manager of Medgulf Allianz Takaful at a ceremony held at the Capital Club that was attended by senior officials from both institutions.

Expressing his delight on the new partnership, Jamal Al-Hazeem, said:

"We are confident that the alliance with Medgulf Allianz Takaful will help us achieve our vision of providing our customers with a comprehensive range of products from a leading insurer. A result of our new product development strategy within the retail segment, we are working towards ensuring that our products match and exceed our customers' financial needs and expectations.

We believe that offering retail services like bancassurance amongst others, help in enhancing our product offering and makes our Bank a stronger choice for customers within Bahrain. We will continue to invest in our business recognizing the need for excellent customer service, a wide range of customer centric products and a strong network to support future growth."

Dr. Abdullah Mansury the General Manager of Medgulf Allianz Takaful said:

"We are very proud to have formed this partnership with BMI Bank here in Bahrain and to be able to offer our products to BMI Bank customers. BMI Bank enjoys a large and growing customer base which is a potential and ideal target segment for our insurance products. We hope to tap into this segment with the support of the efficient sales support offered by the Bank.

BMI Bank customers will now get access to Medgulf Allianz Takaful's state-of-the-art shari'ah compliant products and services through BMI Bank branches."

As part of the agreement, qualified and experienced professionals from Medgulf Allianz Takaful will promote both life and non-life insurance products within BMI Bank's network of branches. The products on offer include Super Child Education Plan, Super Protection Plan, Super Savings Plan, Super Investment Plan, Super Term Cover Plan, Super Accident & Sickness Cover, Super Home Cover, Super Contents Cover, Super Travel Cover and Super Auto Cover. 

Bancassurance is a term used to describe the partnership or relationship between a Bank and an insurance company whereby the insurance company uses the Bank's various customer channels in order to sell insurance products.

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About BMI Bank B.S.C. (c)
Bahraini retail and commercial banking institution, BMI Bank is a retail bank, registered in Bahrain and regulated by the Central Bank of Bahrain offering a full range of retail and commercial banking services. BMI Bank operates in Bahrain through a network of 8 branches and 29 ATMs with net banking for easy access to services.

BMI Bank also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI Bank owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain. BMI Bank's shareholders include some of the strongest and most respected financial institutions across the GCC, including BankMuscat.

BMI Bank currently offers its customers a range of retail products and services including savings and current accounts, Ayadi savings account, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain, consumer and vehicle loans, mortgages and fixed deposits. In addition to Retail Banking, BMI Bank offers full Premier Banking, Private Banking, Wholesale Banking, Islamic Banking and Treasury services.

For further information, please contact:
Gordon Andrade
Head, Corporate Communications, BMI Bank - Bahrain
E-mail: gordon.andrade@bmibank.com
Cell: +97339782225

About Medgulf Allianz Takaful B.S.C. (c)
Medgulf Allianz Takaful BSC (c) is a joint venture company between Medgulf B.S.C. (c), a leading regional insurer and the Allianz Group, one of the leading integrated financial services providers worldwide. Medgulf Allianz Takaful is headquartered in the Kingdom of Bahrain and is the shareholders' global hub for innovative Takaful services. Under Family Takaful, Medgulf Allianz Takaful makes available solutions for life and health protection, savings, retirement and child education plans, along with various riders. Under General Takaful, Medgulf Allianz Takaful offers a wide range of Takaful non-life products including motor, household, marine and engineering for retail and corporate customers.

The Company taps into the strengths of its shareholders to provide the most innovative solutions for clients. Medgulf Allianz Takaful works with a vision to become the most trusted provider of Islamic Financial Solutions which are highly recommended by customers and investors. In order to ensure this, Medgulf Allianz Takaful has established its own Shariah Supervisory Board (with renowned Shariah Scholars Shaikh Nidham Yacouby as Chairman; and Shaikh Ossama Bahr and Dr. Mohamed Arbouna as members) to vet on all aspects of the company's products and operations.

For further information, please contact:
Shyam Sankar
Head - Bancassurance, Brokerage and MarCom; Medgulf Allianz Takaful
E-mail: shyam.sankar@allianz.com.bh
Cell: +97317568280

© Press Release 2011