In a major step aimed at adding unprecedented value to customers, National Bonds Corporation said it has tied up with Dubai Islamic Insurance & Reinsurance Company (Aman) to provide Takaful coverage for all its customers.

The “National Bonds Individual Takaful Cover,” is the first-of-its-kind being offered in the region, said a National Bonds statement.

The service, which will cover both existing and new customers, is being offered in accordance with Shari’a guidelines under the supervision of National Bonds & Aman Fatwa and Shari’a supervisory boards, said a top official.

Under this, more than half a million customers will immediately be eligible for the “National Bonds Individual Takaful Cover” without any premium contribution, said Mohammed Qasim Al Ali, chief executive officer of NBC.

'Savings up to Dh10,000 ($2722) will be offered cover for a maximum amount of Dh5,000, while savings from Dh10,001 to Dh250,000 will have 50 per cent coverage of certificate value and savings for more than Dh250,000 will be covered for a maximum amount of Dh125,000.'

Customers will be covered for accidental death within the first 90 days of their savings certificates issuance. However, thereafter, they will be automatically covered for both accidental and natural death. This benefit will be effective from January 1, 2010 and will cease once the bondholder fully withdraws his savings with National Bonds, Al Ali said.

'This is the beginning of a new era in Takaful positioning through our long term strategic alliance with Aman. We would like to position National Bonds as a unique, high-spirited, entrepreneurial enterprise, a company known around the UAE for its unmatched level of innovation and excellence.'

Louis Bruno Rochecouste, chief commercial officer of National Bonds Corporation, said: “Since our inception, we have always endeavored to offer a distinctive savings option and extended unmatched benefits to all our customers. Now, savings with National Bonds will give our customers a combination of security and savings for their future – offering additional benefit for their dependants while saving at the same time.”

The “National Bonds Individual Takaful Cover”, which offers security against unforeseen circumstances, will allow us to reach out to each and every individual and encourage him or her  to save with National Bonds, which is truly ‘Everyone’s favourite place to save and invest”.

Hussain Al Meeza, managing director and chief executive officer of Aman said: “We are proud to be associated with such an innovative service with National Bonds Corporation and will extend full support to NBC to ensure the success of this unique initiative to the full satisfaction of National Bonds Corporation customers”.

Iqbal Mankani, chief operating officer of Aman said both NBC and Aman have worked very hard to develop this product which is fully Shariah compliant and along with the saving element, will also provide coverage to the bondholders at all times along with the highest level of service to National Bonds customers.-TradeArabia News Service