Dubai-UAE: 01 May, 2011 - United Bank Limited (UBL), which has completed 43 years of operations in the UAE, today announced the launch of its Bancassurance product under the brand name "UBL Baraka". The launch of this new activity is in line with the bank's strategy to introduce new, innovative and competitive products that appeal to the various segments of its customer base in UAE.
In the initial phase of the launch, UBL will offer Shari'a compliant insurance products through Noor Takaful, the Islamic insurance arm of Noor Investment Group, to Emiratis and expatriate nationalities based in the UAE.
A formal signing ceremony took place between UBL and Noor Takaful at the UBL International offices located at Sheikh Zayed Road, Dubai. Mr. Wajahat Husain, Head of International, UBL, and Mr. Parvaiz Siddiq, Chief Executive Officer, Noor Takaful, along with senior executives from both companies were present at the ceremony.
UBL will be offering three Shari'ah compliant insurance products namely UBL Secure, UBL Secure Plus and UBL Smart Save that will be distributed through its network of eight branches in , Abu Dhabi, Dubai, Sharjah and Al Ain. One of the many attractive features of the products is their global portability, which will largely appeal to the UAE's expatriate population, wherein the policy holder can keep their policies active wherever they are.
UBL was the second foreign bank to start operations in the UAE, starting with a branch in Abu Dhabi, UAE, in July 1967. Besides the UAE, the bank also has a presence in major centers across the globe, including Bahrain, Qatar, Yemen, USA, UK, Switzerland, Oman, China, Iran, Kazakhstan and Pakistan.
Commenting on the new initiative, Mr. Wajahat Husain said: "The launch of UBL Baraka is a continuation of the process undertaken to expand the suite of products on offer to our clients. We are confident that UBL Baraka's attractive features and the partnership between UBL and Noor Takaful will create a new dimension for our customers ."
Mr Parvaiz Siddiq said: "We are honoured to have been selected by United Bank Limited as its inaugural bancassurance and takaful provider, under UBL Baraka. I am confident both companies will jointly pass on substantial benefits to customers, in terms of cost effective products and a technologically advanced service."
Noor Takaful was recently honoured with the Dubai Quality Appreciation Program by the Dubai Department of Economic Development for shaping a world-class corporate infrastructure and platform, excelling in customer and community relations.
Headquartered in Dubai, Noor Takaful Family PJSC and Noor Takaful General PJSC operate across the emirates of Abu Dhabi, Dubai and Sharjah. Noor Takaful is offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients.
© Press Release 2011
