DUBAI - Noor Takaful, an Islamic insurance entity, has entered a strategic partnership with Ajman Bank. The partnership will see the addition of an array of solutions to Ajman Bank’s portfolio, ensuring their customers’ genuine Takaful requirements are met.

Customers that have financial commitments underway will now have access to a comprehensive range of Takaful savings solutions, such as plans for children’s education and marriage or retirement. They will also be offered assurance of their family’s financial protection in the case of unforeseen events.

Businesses and their employees will also receive life insurance solutions as part of the agreement in order to improve overall customer satisfaction and retention rates.

"The partnership with Ajman Bank is a powerful combination of like-minded, ambitious businesses. As the UAE constitutes the largest life insurance market within the GCC region, receiving total gross premiums of US$8 billion, distributing Takaful Solutions within the bank network simply accelerates industry development and contributes to its robust economic growth," said Rajesh Sethi, CEO of Noor Takaful.

In turn, Mohamed Amiri, CEO of Ajman Bank, said, "It is now more important than ever to have an effective expense management and protection environment with an eye on the future. As we continue to innovate and expand our offerings at Ajman Bank, we are delighted to collaborate with Noor Takaful to provide our customers customized solutions catering to their evolving needs. Through this special alliance we combine the expertise of Noor Takaful with our extensive network that in turn will allow us to maintain a competitive edge in the market by offering best-in-class, integrated, and efficient solutions driving greater value for our clients." The partnership will increase the overall reach of Life Takaful protection, savings and investment products across Ajman Bank’s diverse segments (Wealth, Small and Medium Enterprises and Retail). New and existing customer database across each product category will have access to the new line of offerings as a result of the partnership.

Ajman Bank will be operating with Islamic insurance trained professionals that are qualified to guide the customers through the process of Takaful Solutions.

© Copyright Emirates News Agency (WAM) 2020.