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Takaful, Zurich sign agreement to establish joint venture company

United Arab Emirates: Monday, November 03 - 2008 @ 13:57

The new insurance company, Zurich Takaful Company Limited (Zurich Takaful) will be based in the Dubai International Financial Centre (DIFC), subject to the receipt of the required regulatory approvals. Zurich will control 51% in the joint venture company, while the remaining 49% stake is owned by Takaful.

Khadem Al Qubaisi, Chairman of Abu Dhabi National Takaful Company, said:

“We are delighted to announce our new partnership with Zurich. The business will offer a tailored family takaful product range to meet the unique needs of discerning consumers. This Joint Venture will enable TAKAFUL to participate in one of the fastest growing business lines in the region and in the world, which is a key component in our regional expansion plans.”

Mario Greco, Chief Executive Officer of Zurich’s Global Life business segment, remarked:

“The launch of Zurich Takaful is an exciting growth opportunity and in line with Global Life’s strategy, while it also reinforces the Group’s commitment to the Middle East and North Africa. The new company provides a unique partnership, blending global financial strength and experience with specialist takaful expertise through the union of two powerful brands to create a new force in takaful.”

Zurich Takaful will initially focus on the DIFC by creating a regional manufacturing and operational hub, which will act as a springboard for future growth in line with Global Life’s expansion plans.

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Monday, November 3- 2008 @ 13:57 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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