United Arab Emirates, Dubai: Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Shari'ah compliant Takaful solutions provider, has successfully introduced its new Individual Life product range covering seven products and supplementary benefits following the new UAE regulation 49 (also known as BOD-49) that came into effect on 15 October 2020.
The revisions were made to ensure higher value for customers and promote more transparency on benefits, charges and growth rates. These changes have also strengthened controls on commission payout to empower banks, brokers and other distributors to focus on providing high-quality of financial advisory services and to encourage distributors to remain invested in the customer journey throughout the term of plan.
Parvaiz Siddiq, SALAMA’s CEO, said: "We have been working on realigning our products since the likely implementation of UAE Regualtion 49 was first announced last year and this made it possible for us to commence distribution to customers as soon as the legislation came into effect last month. The new regulation responds to the need for more transparency and disclosure, ensuring that customers can see the value being offered by each product. We are confident that these changes will positively transform the Takaful market and enable insurers like us to provide better propositions for our customers.”
In line with Regulation 49, SALAMA has revised its whole of life, protection, savings and investment offerings as follows:
Whole of Life Plans
- Hayat Superior / Lifelong Superior (Whole of Life Plan)
- Hyat Secure (Whole of Life Plan with Return of Contributions)
- Idikhar Plus (Regular Contribution Savings Plan)
- Idikhar Plus Secure (Regular / Single Contribution Savings Plan with protected maturity proceeds)
- Momayaz / Wealth Plus (Single Contribution Investment Plan)
- Hemayati Plus (Level Term Plan, with Maturity Bonus
- Hemaya Plus (Level Term Plan)
SALAMA’s Regulation 49 compliant offerings provide a wide range of customised life, savings, protection and investment solutions to the UAE citizens and residents. To find out more, please visit: www.salama.ae
For media enquiries:
Tel: +971 4 450 7600
About SALAMA Islamic Arab Insurance Company
SALAMA Islamic Arab Insurance Company is one of the world’s largest and longest-established Shari’ah compliant Takaful solutions providers listed on the Dubai Financial Market, with paid-up capital of Dh1.21bn. SALAMA has been a pioneer in the Takaful industry from its incorporation in 1979 to the present day.
SALAMA’s stability and success can be attributed to its customer-centric approach, keeping clients and partners at the heart of the business, and its commitment to its core values and principles. SALAMA continues to design and develop solutions that meet the ever-changing demand of customers. Today, SALAMA is recognised for providing the most competitive and diverse range of Takaful solutions in the region.
SALAMA serves individual customers and institutions in the UAE and, through its extensive network of subsidiaries and associates in Egypt, Jordan, Algeria and Senegal.
As the UAE’s leading Takaful company, SALAMA offers a comprehensive range of Family, Motor, General and Health Takaful solutions. Due to its reputation for high-quality products and services and implementation of Takaful best practice, SALAMA won the Family Takaful Company of the Year award at the Middle East Insurance Awards in 2015 and the Best Family Takaful Operator – ME at the Islamic Banking and Finance Awards in 2016, ‘Best Takaful Operator - 2019’ by the Islamic Banking and Finance Awards as well as other accolades from respected industry bodies.
SALAMA continues to be the preferred Takaful partner by its partners and customers, remaining committed to ‘Securing our future – together.’
For more information on SALAMA, you may contact:
Sadia Noori, Senior Marketing Manager
Tel: +971 4 407 9940
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.