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Mohammad Amiri, Head of Retail Banking, Dubai Bank and Noel D'Mello, General Manager, Family Takaful, SALAMA |
Dubai Bank, Dubai-based Islamic bank, has entered into a strategic alliance with Islamic Arab Insurance Company (SALAMA), a leading provider of Shariah-compliant insurance solutions (Takaful) to expand its portfolio of Islamic insurance plans. Under the terms of the agreement, SALAMA will offer Dubai Bank customers a wide range of Shariah-compliant unit-linked funds through lump sum 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.
Mohamed Amiri, Head - Retail Banking, Dubai Bank, "Adding a host of Takaful plans from industry experts such as SALAMA will greatly support our customers in realizing their personal goals for the long-term financial protection of their families. 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 Shariah-compliant entities are central to our overall growth plans and value addition initiatives."
According to industry experts, the global Takaful industry has grown by 20-25% 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 $11 billion.
