SALAMA Islamic Arab Insurance Company, the world's largest Takaful and Re-Takaful group, announced its strategic alliance with NCB Capital, the investment banking arm of National Commercial Bank, the region’s largest bank, in a bid to further promote the spread of Shari’ah compliant insurance solutions. As a result of the strategic alliance, SALAMA will offer its customers a host of Shari’ah compliant, open-ended, unit-linked funds through regular savings and protection plans, with a minimum contribution of AED200 per month.
Commenting on the announcement, Mr. Noel D’Mello, Head of Family Takaful, SALAMA, said: “In the current global financial crisis environment, most investors are skeptical about investing single contributions for the short term. SALAMA’s products are designed for regular systematic savings for the medium and long term and are therefore being well received. We continue to expand and diversify our product offerings by allying with other equally strong service providers. This tie-up with NCB Capital further strengthens our presence in the UAE market and helps us to promote Shari’ah Compliant savings and insurance products.”
A pioneer in investment banking in the region, NCB Capital has around USD 14 billion of assets under management and launched the world’s first Sharia-compliant real estate fund. It has a wide range of funds covering all asset classes which it offers to its approximately one million clients.