Sharjah Islamic Bank, Noor Takaful sign strategic agreement

This strategic partnership will enable SIB customers to access Noor Takaful's motor insurance plans for their currently owned or newly purchased sedans and 4x4s at preferential rates and with minimum documentation.

The agreement was signed at SIB's new headquarters in Sharjah on Sunday 17 January 2010 by SIB Chief Operating Officer Ahmad Saad and Noor Takaful Chief Executive Officer Parvaiz Siddiq. Also in attendance at the signing were SIB representatives Ossama Salah, Head of Retail Banking Group, Motaz Saeed - Head of Marketing and Business Development, Hassan Abdullah - Head of PR and Media and Mustamir Ehtesham - Product Manager, as well as Noor Takaful representatives Aman Pal Singh - Assistant General Manager Sales and Distribution and Ashish Singh - Relationship Manager.

Speaking of the agreement, SIB Chief Operating Officer, Ahmad Saad, said:

"SIB's reputation and continued success has been built by providing customers with unparalleled levels of service and satisfaction, and we are constantly looking for ways to further improve our products and services and provide our customers with the very best Shari'a compliant offerings in the market. This strategic partnership with Noor Takaful will help us meet this objective, as it will allow SIB customers to access the comprehensive range of motor Takaful Insurance options offered by Noor Takaful at preferential rates and with additional benefits."

Said Noor Takaful Chief Executive Officer, Parvaiz Siddiq, "Noor Takaful prides itself on offering comprehensive Takaful Insurance plans for both private and commercial vehicles with an affordable contribution that covers both damage to the vehicle and liability of the driver to third parties. All our plans are Shari'a-compliant, allowing our customers, and now those from SIB as well, to have complete peace of mind when purchasing cover."

As per the terms of the agreement, SIB customers will be able to avail themselves of motor insurance from Noor Takaful at competitive rates compared to those available in the market from other insurance companies.

Speaking of the reasons behind the agreement, SIB's COO, said, "Through adopting a visionary strategy and upholding clear policies of risk management and cost control throughout all areas of operations, SIB has successfully diversified to offer customers a broad range of Shari'a-compliant retail, commercial, corporate, investment and international banking services through its extensive UAE network. This strategic partnership with Noor Takaful is in line with our long-term expansion strategy and serves to further increase the range of services we offer our customers, while continuing to uphold the values and principles that have made SIB the successful entity it is today."

Since its successful transition from conventional to Islamic banking in 2002, Sharjah Islamic Bank has offered a variety of Shari'a-compliant products that cater for the needs of individuals, companies, institutions, and investment and international banking services. As a result of well-thought out strategies and careful planning based on risk management and cost control, SIB has seen unprecedented growth, and today the bank has expanded to 23 branches located across the UAE, in addition to more than 100 ATM and deposit machines installed at residential districts and other vital areas, such as shopping malls and entertainment centres.