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)
Savings Plans
- Idikhar Plus (Regular Contribution Savings Plan)
- Idikhar Plus Secure (Regular / Single Contribution Savings Plan with protected maturity proceeds)
Investment Plan
- Momayaz / Wealth Plus (Single Contribution Investment Plan)
Protection Plans
- 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
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For media enquiries:
ASDA’A BCW
Dhanya Issac
Dubai, UAE
Tel: +971 4 450 7600
Email: dhanya.issac@bcw-global.com
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
Email: sadia.noori@salama.ae
© Press Release 2020
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