SABB Takaful will offer both Family and General Takaful products. The Family Takaful product range will consist of life-wrapped unit-linked savings plans, single contribution plans and protection products, aiming to meet clients' protection needs such as for children's education.
The initial range of General Takaful plans will cover home and contents, travel and personal accident for the personal market. The corporate and commercial range will offer packaged solutions for Small and Medium Enterprises (SME), marine and cargo risk, and commercial fire protections.
John Coverdale, SABB's Managing Director, said: "This exciting development will allow SABB to expand its product range and meet its customers' needs in the Kingdom's insurance industry which is set to experience significant growth. SABB Takaful will combine HSBC's global expertise in insurance and Takaful with SABB's local knowledge and presence, offering our customers a clear choice of Takaful products for their protection needs."
SABB has a network of 75 branches, including 12 ladies' branches. These already offer a comprehensive range of Islamic banking services to personal customers. Through HSBC Amanah, the global Islamic banking division of the HSBC Group established in 1988, SABB Takaful will be able to take advantage of the Group's experience in providing high quality, Shariah-compliant Takaful products. The Group already provides Takaful products in Singapore, Malaysia and the UK.
Takaful is an alternative to conventional insurance products. It is based on mutual co-operation in the sharing of risk and addresses key features associated with conventional insurance that do not comply with the Shariah law.
SABB Takaful Company will be a public joint stock company to be incorporated in Saudi Arabia with a start-up capital of SAR100 million. It will be 32.5 per cent owned by SABB and 32.5 per cent owned by subsidiaries of the HSBC Group. The balance will be floated to the public by way of an initial public offering (IPO).
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SABB Takaful awarded insurance license in the Kingdom of Saudi Arabia
- Saudi Arabia: Sunday, October 15 - 2006 at 14:35
- PRESS RELEASE
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SABB Takaful Company has been awarded a license to operate in the insurance industry in the Kingdom of Saudi Arabia, allowing it to offer a comprehensive range of Shariah-compliant Takaful products for personal and corporate customers.
John Coverdale, SABB's Managing Director.
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Posted by Janeta Novakovic, Assistant News EditorSunday, October 15 - 2006 at 14:35 UAE local time (GMT+4)
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This article was updated on Wed May 23 2007.
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