Takaful Emarat signs strategic distribution agreement with Wahat Al Zaweya Company
Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant life and health insurer, continues its growth momentum with a focus on expanding its distribution channels for its life and health product range.
In line with this strategy, the Company has signed a strategic distribution agreement with Wahat Al Zaweya Company for Investment and Real Estate Development to act as the exclusive provider of death and disability insurance to its home mortgage client base which numbers in the thousands.
Under the agreement, Takaful Emarat will provide Shariah-compliant life and health insurance to the real estate developer’s customers across the emirates of Dubai, Abu Dhabi and Sharjah. The agreement is the first of its kind for the insurer and demonstrates Takaful Emarat’s on-going focus on growing its distribution channels and product reach via select partnerships with well- established and respected businesses in the UAE.
Mohammad Alhawari, Executive Board Member & Managing Director of Takaful Emarat Insurance (P.S.C), was recently appointed to the business with a strategy and distribution remit and brings a wealth of investment experience having held senior executive positions at Citbank, National Bonds Corporation and most recently at GE Capital’s joint venture with Mubadala.
Mohammad holds a Master degree in International Business Administration from Ecole Nationale des ponts et chaussees in Paris and a bachelor degree in Business Administration from the American University in Dubai.
Takaful Emarat, as one of only two Shariah-compliant health and life insurers approved by the Department of Health Authority to support the roll out of mandatory health insurance in Dubai, is uniquely well-positioned to benefit from the increased uptake of takaful insurance in the region, which is forecast to grow as insurance penetration deepens. By 2017, the global gross takaful market is expected to reach US$20 billion, up from current estimates of US$14 billion, according to EY.
Mohammad Alhawari, Executive Board Member & Managing Director of Takaful Emarat, commented: “Over the last two tears, we have invested heavily in our team and business to ensure we have the correct skill sets in place to drive growth and capture market share. This has generated significant traction in our market and for H1 2015 our business delivered a 187% increase in sales to AED164 million with underwriting profit up 82% to AED17.3 million.
Added to this we are focusing on developing our product distribution capability and reach. Our most recent agreement with Wahat Al Zaweya Company and wider partnerships with major financial institutions such as RAK Bank and Emirates Islamic Bank, are testimony to the growing demand for our life and health solutions across the UAE and complement our on-going domestic expansion supported by new branch openings. I look forward to providing further updates in due course.”