UAE-based National Bonds, a leading Shari'a investment company, has entered into a new partnership with yallacompare and Petra Insurance Brokers to create an online marketplace for purchasing Takaful protection solutions.

This will provide access for National Bonds customers to access more product offerings as well as to secure an additional layer of necessary Takaful cover to compliment the financial planning lifecycle for bondholders.
 
Takaful Insurance is a form of insurance that is compliant with Sharia law. This is best suitable for Islamic insurance buyers. The amount invested into buying a Takaful policy is further invested in Takaful products only for mutual benefit.

The main difference between conventional insurance and Takaful is that the former is a risk-transfer model whereas the latter is a risk-sharing model.
 
Through a ground-breaking partnership with yallacompare, the region’s leading comparison site for financial products, Takaful solutions will now be available via the National Bonds’ Online Marketplace.
 
The value of the Takaful market is expected to grow around 13 per cent annually, from $21 billion in 2018 to $44 billion by 2024. This growth will be further driven by increased awareness of the benefits of financial protection.

As more consumers seek to improve the health of their finances and secure the livelihood of their dependants and their assets, there has been a growing demand for Shari’a-compliant Takaful covers.
 
“Through our partnership with Yallacompare Marketplace, National Bonds Customers will be able to purchase Takaful products at competitive rates entirely online and the number of offerings will increase rapidly. This further bolsters the range of financial solutions National Bonds offers and reinforces our status as a one-stop shop for customers’ financial needs,” said Mohammed Al Ali, CEO National Bonds
 
Auto cover will be the first Takaful product offered via National Bonds and other types of Takaful solutions will be available soon after.
 
“We are delighted to announce this important partnership with National Bonds, which will greatly expand the market for Takaful products,” said Samer Chebab, COO, yallacompare. “While there is clearly significant demand for insurance solutions in the region, customers need to be comfortable that the products they buy are consistent with their values. This partnership ensures that we have made the purchasing process easy, with just a few clicks required.” – TradeArabia News Service