Dubai Islamic Insurance and Reinsurance Company, Aman, signed today a co-operation agreement with the American Life Insurance Company, ALICO. Under the agreement, Aman will provide Alico’s insurance products that are compliant with the Sharia principles, as determined by Amanâ€™s Fatwa and Sharia Supervisory Board, to its customers in the UAE.
The Agreement was signed at Aman’s headquarters in Dubai by Mr Hussein Mohammed Al Meeza, Managing Director and CEO of Aman, and Mr. Michel Khalaf, Alico’s Regional President and CEO, Middle East, Africa and South Asia.Â According to the terms of the co-operation agreement, Aman accepted to issue the insurance products proposed by Alico, which were qualified to be Takaful Products, as per the opinion of Amanâ€™s Fatwa and Sharia Supervisory Board. The agreement also stipulates that all Takaful products that Aman will accept to issue in its own name under this agreement shall be reinsured with Alico.
Commenting on this move, Mr Hussein Mohammed Al Meeza, Managing Director and CEO of Aman, said the agreement is in line with Aman’s continued efforts to provide new and innovative Shariah compliant Takaful products to its valued customers in the UAE. “We signed this co-operation agreement to provide Alico’s insurance products in accordance with Shariah guidelines under the supervision of our Fatwa and Shariah Supervisory Board,” he noted.
He added that any new insurance products will be reviewed by Aman’s Fatwa and Shariah Supervisory Board to make sure they comply with Shariah Takaful insurance principles before being offered to the customers.
“Alico is a one of the leading international insurance companies with extended and strong ties in the region and rich record of achievements and history of successful growth. It started operating in the Middle East, Africa and South Asia in 1952. It offers excellent services and a diversified range of insurance products, includingÂ life, health and accidents insurance products through different distributors in the region.
Our cooperation with Alico represents a significant opportunity to provide innovative insurance products to Aman’s customers in the UAE,” Al Meeza remarked.
For his part, Mr. Michel Khalaf expressed Alico’s commitment to provide innovative insurance products and solutions to meet the needs of its clients and the life, health and accidents insurance markets. “This cooperation agreement with Aman comes as part of Alico’s dedication to ensure that its products cover clients from all walks of life and all over the world,” he said.