Sharjah Islamic Bank (SIB), said it has signed an agreement with Noor Takaful to offer motor Takaful insurance to all customers through its network of 23 branches.

This strategic partnership will enable SIB customers to access Noor Takaful's motor insurance plans for their currently owned or newly purchased sedans and 4x4s at preferential rates and with minimum documentation, said a statement from the bank.

SIB chief operating officer Ahmad Saad and Noor Takaful chief executive officer Parvaiz Siddiq signed the agreement at the bank's new headquarters in Sharjah on Sunday.

On the new partnership, Saad said: 'SIB's reputation and continued success has been built by providing customers with unparalleled levels of service and satisfaction, and we are constantly looking for ways to further improve our products and services and provide our customers with the very best Shari'a compliant offerings in the market.'

'This strategic partnership with Noor Takaful will help us meet this objective, as it will allow SIB customers to access the comprehensive range of motor Takaful Insurance options offered by Noor Takaful at preferential rates and with additional benefits,' he added.

Siddiq said, 'Noor Takaful prides itself on offering comprehensive Takaful Insurance plans for both private and commercial vehicles with an affordable contribution that covers both damage to the vehicle and liability of the driver to third parties.'

'All our plans are Shari'a-compliant, allowing our customers, and now those from SIB as well, to have complete peace of mind when purchasing cover,' he noted.

As per the terms of the agreement, SIB customers will be able to avail themselves of motor insurance from Noor Takaful at competitive rates compared to those available in the market from other insurance companies.

SIB representatives Ossama Salah, head of retail banking group, Motaz Saeed, head of Marketing and Business Development, Hassan Abdullah, head of PR and Media and Mustamir Ehtesham, product manager besides Noor Takaful assistant general manager (sales aand distribution) Aman Pal Singh and relationship manager Ashish Singh took part in the signing ceremony.-TradeArabia News Service