Shamil Bank starts distributing Family Takaful products

Shamil Bank and Solidarity - Family Takaful, signed the agreement in August, making Shamil the sole banking distributor of Solidarity - Family Takaful products in Bahrain.

Announcing the start of operations, Mohamed Hussain, Deputy Chief Executive, Shamil Bank, highlighted the growing need for Islamic Shari'ah compliant Takaful products in the region.

"Takaful products are in huge demand because they rely so heavily on the virtue of fairness and are concurrent with the teachings of Islam. As we now live in such a dynamic and diverse market, many methods are causing a financial frustration on an individual basis, so the need for these Shari'ah compliant products and services is greater than ever," said Hussain.

Shamil Bank signed the agreement as part of its strategy to increase the services available to its customers by providing Family Takaful Products.

"By signing this agreement with Solidarity - Family Takaful, we are helping to build a sound future for individuals, families and the community, by enabling people to fulfil their basic rights to protect family life, property, peace of mind, and their dignity and honour," said Hussain.

"Shamil Bank has leveraged itself as the leading Islamic Banking Institution in the region and this agreement ensures we continue to lead the market. Our ability to repeatedly deliver innovative and well thought out products, whilst adhering to the Islamic principles of Shari'ah, has meant that the bank has developed a solid and respected reputation with customers and investors alike; which was demonstrated by the positive response of the last month from Shamil Bank's database."

Solidarity is primed to become the largest Insurance Company in the Kingdom of Bahrain and the largest Takaful Company in the world. It has been newly established as one of the top 10 companies in the Arab world in terms of paid up capital, (US$ 100,000,000).

"Shamil Bank is one of the pioneering institutions in the Middle East for Islamic financing solutions," said Rob King, General Manager, Family Takaful, Solidarity.

"Both our companies aim to accommodate the diverse individual needs of clients by providing a comprehensive range of traditional and modern products in accordance with Islamic Shari'ah principles and to generate a satisfactory rate of return for shareholders and policyholders alike".

As part of the agreement, Solidarity has ensured that all Shamil Bank Financial Advisors have been certified to market the company's Family Takaful products by completing their intensive certification programme.

"Solidarity - Family Takaful has been supplying complete support to our Financial Advisor team and distribution channels ensuring that we recommend for our customers the most suited and appropriate investment opportunities," said Iqbal Sangoor, Sales Manager for Family Takaful at Shamil Bank.

"It is imperative that our employees are trained in accordance with the highest international business standards."