Takaful Emarat (the Company), the DFM-listed, Shariah-compliant life and health insurer, is pleased to announce it has opened its second branch in Abu Dhabi, located in the industrial city of Mussafah.
The new branch, which was opened to service significant demand for takaful life and health insurance in the area, provides a comprehensive range of individual and corporate solutions with a fully-serviced office ensuring customers receive best-in-class service.
This is a significant announcement for the Company, which is in line with its UAE growth strategy and follows a period of organizational restructuring under Chief Executive Officer Wael Al-Sharif, who joined the group from Metlife in 2013 to drive change.
As part of this process, Takaful Emarat returned to a profitable underwriting model, underpinned by strict expense management structures and controls. Indicative of this success for H1 2015, which was announced on 12 August 2015, Takaful Emarat delivered a 187 per cent increase in sales to AED164 million with underwriting profit up 82 per cent to AED17.3 million.
Added to this strong financial performance, distribution agreements are in place with RAK Bank and Emirates Islamic Bank with more to follow, which has and will extend the Company’s access to significant numbers of potential new customers.
Takaful Emarat is also poised to benefit from the growth of the industry in the UAE as one of only two takaful insurers approved by the Dubai Health Authority to provide health insurance as part of its current roll out of mandatory health insurance in Dubai.
Takaful Emarat’s Chief Executive Wael Al-Sharif said: “Over the last two years, Takaful Emarat has been transformed. A new multinational management and executive team from globally respected insurance businesses with 127 years of cumulative experience has re-organised and streamlined the business to focus on growth in our domestic UAE market. H1 2015 was a firm indication of the success of this strategy and our new office opening in Abu Dhabi, our second branch in the UAE, is further proof of our on-going growth and expansion strategy as we strengthen our distribution channels and drive our market share.”
“With the GCC takaful contributions expected to reach US$20 billion by 2017 and with the relatively low insurance penetration, Takaful Emarat is uniquely well-positioned in the UAE market to capitalize on the significant opportunities that exist in the years ahead,” he added.
The new branch is located at Emirates Motor Company, EMC, Mercedes Benz – Al Fahim building – Mussafah M5 in Abu Dhabi and is open from 8.30am to 5.30pm complementing Takaful Emarat’s first branch in Commercial Tower, Al Wahda City in Abu Dhabi, which opened in 2011.