- UAE the GCC’s largest life insurance market with US $8 billion total gross premiums
Dubai-UAE: UAE’s second-largest Islamic insurance entity, Noor Takaful (a Dar Al Takaful company), has entered a strategic partnership with Ajman Bank. The partnership will see the addition of an array of world-class solutions to Ajman Bank’s portfolio, ensuring their customers’ genuine Takaful requirements are met.
Customers that have financial commitments underway will now have access to a comprehensive range of Takaful savings solutions, such as plans for children’s education and marriage or retirement. They will also be offered assurance of their family’s financial protection in the case of unforeseen events. Businesses and their employees will also receive life insurance solutions as part of the agreement in order to improve overall customer satisfaction and retention rates.
“The partnership with Ajman Bank is a powerful combination of like-minded, ambitious businesses. As the UAE constitutes the largest life insurance market within the GCC region, receiving total gross premiums of US $8 Billion, distributing Takaful Solutions within the bank network simply accelerates industry development and contributes to its robust economic growth. I believe there’s a lot of unexplored potential within this space and through the collaboration, we’re on the right trajectory to increase our business impact for clients while establishing a firm presence in the Islamic insurance and banking sector”, said Rajesh Sethi, CEO, Noor Takaful.
“It is now more important than ever to have an effective expense management and protection environment with an eye on the future. As we continue to innovate and expand our offerings at Ajman Bank, we are delighted to collaborate with Noor Takaful to provide our customers customized solutions catering to their evolving needs. Through this special alliance we combine the expertise of Noor Takaful with our extensive network that in turn will allow us to maintain a competitive edge in the market by offering best-in-class, integrated, and efficient solutions driving greater value for our clients”, comments Mohamed Amiri, CEO, Ajman Bank.
The partnership will increase the overall reach of Life Takaful protection, savings and investment products across Ajman Bank’s diverse segments (Wealth, Small and Medium Enterprises and Retail). New and existing customer database across each product category will have access to the new line of offerings as a result of the partnership. Ajman Bank will be operating with Islamic insurance trained professionals that are qualified to guide the customers through the process of Takaful Solutions.
Established in 2009, Noor Takaful has a range of innovative products and services for its customers, including Motor Takaful, Medical Takaful, Travel Takaful, Commercial Takaful and Personal Takaful with instant quotes and online payment facilities.
About Noor Takaful (A Dar Al Takaful company)
Noor Takaful Family & Noor Takaful General are sister companies, established in early 2009, to provide a broad range of Takaful (Islamic insurance) general and customised Islamic insurance products and services. Noor Takaful provides a wide range of customized solutions for both personal and business takaful, including car, medical, travel, family, corporate and SME takaful. Noor Takaful’s easy-to-use online platform makes getting insurance coverage easy, transparent and quick.
Following Dar Al Takaful’s acquisition of Noor Takaful, the joint entity launched a Stronger Together campaign to highlight the combined capabilities of the organizations. The campaign emphasizes the vision of the combined entities (protection and peace of mind) and introduces a diversified suite of products and services for individuals and corporates, delivering genuine value for customers.
For more information visit Noor Takaful: www.noortakaful.com
About Ajman Bank
Ajman Bank is an Islamic bank with an ambitious vision based on values of integrity, trust and transparency seeks to provide a wide range of Sharia-compliant and high-quality banking services to customers from individuals, companies and government institutions across the UAE. It is also keen to be updated with the latest technology that will ensure customers a distinctive experimental banking with the revival of human touch that is lost in the modern era of banking application.
Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the emirate's economic development strategy. The bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike. For more information visit http://www.ajmanbank.ae.
© Press Release 2020