Salama launches new comprehensive family Takaful products

To suit every need and requirement, Salama developed a wide range of savings, protection and saving-cum-protection plans for individuals and families.

According to Dr. Saleh Malaikah, the Vice Chairman of Salama, "Takaful and Re-Takaful industry worldwide has been witnessing rapid escalation. Salama expects substantial growth during the next five years in the global Takaful and Re-Takaful industry to reach 50%, making it one of the fastest growing sectors of the financial services industry in the Islamic world. We shall focus our efforts during the current year on the diversification of list of services through Family Takaful in all markets where we operate to take advantage of the growing opportunities available in the global markets."

Focusing on the welfare of its customers, Salama has taken many measures to ensure their comfort and relief. It asserted flexibility, disclosure and transparency in handling the requirements by reducing the paper work to the minimum and making plans available in the local currency. Salama has also published quick turn-around times for new businesses. Finally, Salama has established state-of-the-art IT and support system departments and recruited highly qualified and experienced professionals to present the finest.

In his commentary on the launch, Mr. Parvaiz Siddiq, General Manager of Salama, UAE, said: "Salama, the world's leading group in Takaful and Re-Takaful has always endeavored to meet with the challenges posed by the growth of Takaful industry in the UAE. We are proud to announce our constant enhanced accomplishments which enlisted many changes and variations among which is our latest release of a range of solutions, all unit linked and all Shari'ah compliant."

To provide a Shari'ah compliant safety net covering all aspects of ordinary life, Salama has developed a range of Family Takaful solutions serving needs for saving for retirement, for children education or for protecting one's home through mortgage protection plans. Other products and plans are also available to cater to specific needs and comfort of its patrons.

Mr. Noel D'Mello, Head of Family Takaful commented, "It is due to the great efforts of the Salama team over a sustained period of time that Salama has been able to create and launch 7 individual Shari'ah compliant Family Takaful Plans in the UAE. We expect that this bouquet of products will offer a comprehensive alternate to conventional insurance be it in the area of Unit Linked Savings Plans or Protection. In addition to being Shari'ah compliant, the products offer 'good value for money' for the discerning investor. Our offer to invest in Shari'ah compliant funds from across the globe in different asset and risk classes also appeals to the ethical investors. As a Takaful company we share all the proceeds of the Underwriting Profits with our Plan Holders thus making it an attractive proposition to people from all walks of life."