Dar Al Takaful, a leading Islamic insurance and reinsurance company, said it has tied up with Al Zaabi Insurance Brokers to extend its Sharia compliant services in Umm Al Quwain (UAQ).

Al Zaabi started operations in 2009 and have grown into a major brokerage for local insurance firms, achieving premiums worth Dh10 million ($2.72 million) in its first year.

The partnership aims to extend service of Dar Al Takaful to UAQ securing revenue streams and improving market share, but also giving the residents the convenience of availing Dar Al Takaful home, travel and motor Sharia-compliant insurance services, the company said in a statement.

Dar Al Takaful said its aim is to grow sustainably in UAQ insurance market and be recognized as the best Takaful service provider in the emirate.

“Al Zaabi has an impeccable reputation and excellent contacts in UAQ, and are ideal partners for us to extend our services through. The partnership will improve our reputation and brand in the market and will offer the residents tailored Takaful services that hold true to the fundamentals of Islamic Sharia,”said Ayman Al Ajmi, CEO of Dar Al Takaful.

Dar Al Takaful launched the world’s first Sharia–compliant Bloodstock policy, extending a new insurance product to horse owners across the GCC.

The policy guards against financial losses from deteriorating health or accidents. The company will soon be extending this policy to cover racing camels – an intrinsically valuable part of the UAE’s culture and heritage.

 Kutthib Al Zaabi, owner of Al Zaabi Insurance Brokers, said, 'Our partnership with Dar Al Takaful is a huge opportunity for us to offer an excellent portfolio of tailored services to our customers, both current and future.'

'Dar Al Takaful offers the right mix of Sharia compliant insurance products and services for us to continue offering excellent value to our patrons, and we look forward to a sustainable, long term association,' he added.-TradeArabia News Service