New alliance expands Takaful financial services sector in the Middle East

The three-party alliance between these leading companies in their respective fields creates one of the most substantial customer-focused Takaful offerings available in the region to date. Based on the agreement, Nexus will be the distributor of AMAN's Unit Linked Takaful and saving plans, both for regular and lump sum contributions.

Globally, Takaful - insurance that is compliant with key Islamic tenants and based on the concept of collective insurance - is currently estimated to be a US$2.3 billion market, with the Middle East region accounting for 46 percent of total sales, according to the Bahrain Insurance Association.

Growth within the region - as well as developments in emerging markets like Europe and America - could push the total market size to US$14 million by 2015.

Hussein Mohammed Meeza, board member and managing director of Dubai Islamic Insurance and Reinsurance Company (AMAN), said: "Nexus is the biggest and most reputable independent financial consultancy companies in the region. The company has been working hard to expand the scope of the comprehensive services it offers to its clientele in the region."

Meeza added: "This agreement is within the framework of AMAN's strategy to expand and spread, with its partner FWU group, innovative Unit Linked Life Takaful products. AMAN is one of the world's leading liability insurance companies and this agreement stems from our deep belief in AMAN's capability in this area. It also seeks to re-affirm the company's mission and objective of supporting and developing the spread of Takaful products at local, regional and international levels."

FWU Group is an international specialist in international bancatakaful and Shariah compliant investments, and the new alliance with Nexus connects it with a financial advisor with one of the most substantial client networks in the region.

"We have decided to work with Nexus after careful examination of the market, selecting them for their financial expertise, understanding of the market and the depth of their client relations," said Dr. Manfred J. Dirrheimer, CEO, FWU Group.

"Takaful is one of the fastest-growing sectors in the insurance sector today and we see major opportunities for development in alliance with Nexus," he added.

This agreement ensures that clients can receive full financial protection and have the peace of mind of knowing that their portfolio is aligned with Islamic beliefs.

Mahmoud Nodjoumi, owner and CEO of Nexus said: "Nexus has achieved significant growth by listening to our clients and sourcing world-class providers of financial products that can truly meet their financial needs. We have received a high volume of inquiries about Takafal throughout the year, and wanted to be sure that we worked with one the most capable groups in this field."

Launched in 2006, Nexus has grown significantly in its first year of operations, expanding its panel to include a broad variety of financial solutions.

One of the company's earliest objectives was to combine its strong understanding of the needs of the local market with international standards of service and support.