Browse
related articles
The move is in line with the company's strategy to capitalize on the flourishing GCC Islamic insurance sector which has been anticipated to grow at a rate between 20-25% per annum, according to independent industry experts.
Noor Takaful Family PJSC and Noor Takaful General PJSC are headquartered in Dubai and they have a combined paid up capital of Dhs150m. They will operate initially from 4 locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The aim is to expand the reach of these companies to include the Middle East and North African region.
Hussain Al Qemzi, Group CEO, Noor Investment Group, said:
"The launch and development of a world class portfolio of takaful products and services marks Noor Investment Group's entry into a thriving sector within Islamic finance. By embracing a customer centric business model, we are confident that Noor Takaful will position itself as the region's leading Islamic finance institution, in both size and stature, and will raise the bar on international best practices in the industry."
Taking root in the solid principles of Noor Investment Group, the newly established entity aims to position itself as a leading player in the global takaful industry, which is estimated to be worth around $2bn.
Dr. Ahmed Aljanahi, Deputy Group CEO, Noor Investment Group, said: "Takaful has a special role to play in the market as the medium to long term prospects for the sector remain high. The demand for takaful products has grown gradually over the past few years, particularly within the GCC region, aided by a shift towards ethical, innovative and Shari'ah-compliant financial solutions."
Parvaiz Siddiq, CEO, Noor Takaful, said: "Shari'ah-compliant insurance solutions are fast gaining wide-spread acceptance across diverse customer profiles. The phenomenal growth of the takaful industry signals the need for a service-focused provider that is committed to offering socially responsible insurance solutions to customers within the region."
Noor Takaful Family provides products designed to meet the needs of providing assurance through products such as healthcare, group family and life. Noor Takaful General will offer products to provide peace of mind against loss or damage to assets related to marine, engineering and aviation industries. Additional innovative products including savings schemes are also expected to follow shortly.
Posted by Siba Sami Ammari
