AXA, Grameen-Jameel ink strategic deal
Dubai, November 29, 2012
AXA Mediterranean and Latin America region (AXA MedLA), a subsidiary of AXA Group, and Grameen-Jameel Microfinance have teamed up to provide micro insurance solutions for clients in the Mena region and Turkey.
The MoU was signed by Jean-Laurent Granier, CEO of AXA Mediterranean and Latin American Region and chairman and CEO of AXA Global P&C Line of business and Zaher Al Munajjed, chairman, Grameen-Jameel Microfinance.
The objective of this partnership is to capitalize on AXA’s insurance expertise and Grameen-Jameel’s microfinance proficiency offering insurance products to microfinance clients.
AXA’s micro insurance products would be delivered by leveraging Grameen-Jameel’s microfinance network, proposing insurance products to their microfinance clients.
By accessing protection covers against any form of casualty, working disability or unexpected events, such as floods or fires, micro- entrepreneurs and their families will be protected and able to pursue their day to day activities.
“We are very proud to become the first global insurance provider to develop a Micro insurance offering for Mena microfinance clients, through the network of Grameen-Jameel Microfinance. As a leading insurer, our role is to protect our clients and allow them to develop their projects, their businesses and plans for their beloved one’s future,” said Granier.
“It is all the more important that we support those who are more fragile and need more protection. We are very happy to launch this partnership with an experienced and respected organization such as Grameen-Jameel, in a region where we have been present for many years and in which we want to grow further.”
Al Munajjed said “Grameen-Jameel is delighted to partner with a renowned global insurer such as AXA. With over 80 million individuals living in poverty in the Mena region, the demand for micro credit and micro insurance particularly is critical to help alleviate poverty.”
“Many microfinance clients have been left in financial ruin and with no indemnity after the unfortunate death of the breadwinner of the family. Now, micro entrepreneurs can have assurance that their families are protected and will not carry the debt burdens in the event of death,” he added. – TradeArabia News Service
More Finance & Capital Market Stories
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013