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
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity
- Egypt urban inflation hits 4-year high in Nov
- Adib honoured for SME support services
- Saudi rallies ahead of 2014 budget speech
- Qatari oil, gas to have limited impact on GDP growth
- Xerox Emirates, Asseco offer banking solutions
- Omani bank rolls out home finance products
- NBAD steps up hiring ahead of Expo boom
- Acuma names new UAE head