Friends Provident International creates new head of Middle East bancassurance role

Matt Waterfield, general manager (Middle East) for Friends Provident International, said:

"Bancassurance has developed quickly in this region and represents a key area of growth for FPI. The creation of this role and appointment of Omar demonstrates that we are focused on enhancing our sector proposition to provide the best products available for our partners and their clients. Omar brings with him a wealth of international financial services experience and he will help us to better target our products in a way that's suited to the needs of countries in the region."

Omar joins FPI from ALLIANZ Egypt where he was head of bancassurance & corporate sales, and brings over 12 years of financial services industry experience with him.

In the newly created role, Omar's responsibilities will include increasing FPI's market share within the bancassurance sector as well as enhancing existing and new bancassurance agreements within the region. Omar will also be developing and introducing new products and funds for different client segments in different countries across the region; this includes both conventional and Islamic solutions.

Omar Shelbaya said: "In under 10 years, bancassurance in the region has made quick progress with almost all banks seeing the value of partnering with an insurance provider to offer products to their clients. This has resulted in excellent sales and strong growth to date, but now is a crucial time and FPI is taking an active role in looking at ways the sector can maintain its current growth and remain buoyant. "While it's a crucial time, there are also exciting opportunities and in my new role at FPI I'll be striving to maximize these for our partners and their clients."

Friends Provident International recently launched its new Middle East specific website, where full information about its bancassurance offering - as well as details on other FPI products and services - can be found.