DUBAI -Insurance experts and "Takaful Al Emarat - Insurance" founders said that establishing "Takaful Al Emarat" through a strategic alliance between Al Buhaira National Insurance Co. and the international "UNIQA group", which will provide full logistic support, constitutes the largest network for health and life insurance based on Islamic Shariah in the Gulf region, the Middle East and other Islamic countries.
"Takaful Al Emarat" combines the broad know-how in areas like life and health insurance represented by "Uniqa Group" which owns 30 insurance companies in 20 European countries and the local and regional market knowledge represented by "Al Buhaira" which has over 30 years of experience in UAE and the gulf markets.
The founders intend to expand "Takaful Al Emarat" activities regionally and beyond through a series of branches in a number of Islamic and gulf countries which have a growing demand for Islamic insurance products and services that comply with Islamic Shariah.
Shaikh Faisal Al Qassimi, Chairman of Al Buhaira National Insurance Co. which owns 20 per cent stake in "Takaful Al Emarat", said: "UAE and Saudi Arabia currently represent the biggest insurance markets in the Middle East region with gross premium revenue in UAE alone exceeding Dh2.7 billion recording a phenomenal growth rate of 30 per cent during 2007.
In view of expectations that the Islamic insurance sector world-wide will exceed  $4 billion by 2010, Sheikh Faisal Al Qassimi confirmed that statistics which supported the feasibility study give a positive indication that the outlook of Islamic insurance and in particular Life & Medical in the Gulf region is so bright. "'Takaful Al Emarat' will be the first of its kind in providing Islamic insurance products and services that cover Life & Medical in GCC and the Middle East. Therefore, taping such a virgin market creates multiplying opportunities for growth and expansion, especially in light of the growing demand for insurance products that comply with the Islamic Shariah laws" he added.
Al Qassimi also mentioned that "Takaful Al Emarat" will introduce mutual insurance for health and life with a new vision that adopts the concept of integrating health and life insurance products and services along with savings and seek to provide a full range of insurance products and services for individuals and families, through designing innovative and comprehensive insurance programs that cover all potential risks, which may affect the life and health of an individual and his family, besides savings and pension plans".
Al Qassimi added that "Al-Buhaira National Insurance Co." and "Uniqa Group" have agreed to provide insurance services to policy holders of "Takaful Al Emarat" and correspond with its customers through the branches of both companies in UAE and 20 European countries.