Dubai Bank signs strategic alliance with SALAMA for Takaful products

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1. Wide range of Takaful plans available to Dubai Bank customers
2. Supports customers in addressing education, retirement planning and other short and long-term goals

photoExpanding its portfolio of Islamic insurance plans, Dubai Bank today announced it has entered into a strategic alliance with Islamic Arab Insurance Company (SALAMA), a leading provider of Sharia-compliant insurance solutions (Takaful).

Under the terms of the agreement, SALAMA will offer Dubai Bank customers a wide range of Sharia-compliant unit-linked funds through lumpsum investments as well as systematic investment plans.

In addition to the comprehensive protection benefits provided under the scheme, the plans will also assist the bank’s customers to save for short and long-term needs such as education, retirement planning and others.

“Adding a host of Takaful plans from industry experts such as SALAMA will greatly support our customers in realising their personal goals for the long-term financial protection of their families,” said Mohamed Amiri, Head of Retail Banking at Dubai Bank. “Offering a diverse range of consumer finance solutions, we seek to be an active partner, helping our customers meet their financial needs. Strategic partnerships with Sharia-compliant entities are central to our overall growth plans and value addition initiatives.”

According to industry experts, the global Takaful industry has grown by 20 to 25 per cent per annum in recent years, with the Gulf consistently accounting for around a third of worldwide figures. By 2015, the global Takaful sector is expected to reach US$11 billion.

Noel D’Mello, General Manager, Family Takaful, SALAMA, said: “The current global economic conditions have heightened the need for families to plan prudently for wealth protection and accumulation. SALAMA has specialised in customising systematic investments and savings-linked Takaful plans which provide good value for money to the discerning investor. By partnering with the fast-growing Dubai Bank, we are able to provide the benefits of Sharia-compliant Takaful plans to a niche segment of the UAE population.”

About Dubai Bank:
Since its launch in September 2002, Dubai Bank has placed service, transparency and convenience at the forefront of its operations, introducing a wide range of unique products and services to the market.

On January 1, 2007, Dubai Bank was converted into a Shari’a-compliant financial institution. Today, Dubai Bank offers a comprehensive range of Shari’ a-compliant products and services that cater to the needs of its retail, corporate and investment banking clients, including transaction and deposit accounts, personal finance, trade finance, corporate finance and capital market services, as well as a host of other unique banking services. In addition, all of the bank’s activities are carried out in full compliance with the highest global standards of ethical banking. For more information, please visit www.dubaibank.ae

About SALAMA-Islamic Arab Insurance Company
SALAMA, pioneers of Shari’ah compliant insurance enjoys both Arab and international presence. Established in 1979 in Dubai, SALAMA has become the largest Takaful & Re-Takaful group in the world with a paid up capital of USD300 million (AED 1.1 billion). It enjoys strong credit rating of ‘A-’ from A.M. Best and ‘BBB+’ from S&P. These ratings clearly reflect the Company’s growth, financial strength and investor confidence. SALAMA offers customized and high quality yet affordable Takaful solutions to individuals, families and companies.

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