Dubai Islamic Insurance and Reinsurance Company (Aman) has been awarded the World Finance Award for the best Takaful provider in 2011.

“We are very proud to receive this award, given our constant efforts to offer excellence in service delivery,” said Hussein Al Meeza, CEO and managing director of Aman.

“We have a number of programmes underway to ensure that we support the UAE’s national vision, and the ambitions of the global Islamic insurance industry. We pride ourselves on our high levels of client servicing, and our Emiratisation and training policies.”

Aman’s recognition as leading Takaful Provider comes at a difficult time for the insurance industry globally, as well as for the more specialized Takaful sector, he added.

“The adverse impact on reinsurers will translate to an increase in rates and very stringent terms for coverage like earthquakes or political troubles leading to loss or damage to properties. As a result, it is anticipated that it’s going to be a difficult year for the Takaful industry,” explained Al Meeza.

The company has recently partnered with ICICI Lombard General Insurance of India, which is part of the Fairfax Group, to introduce two new Medical products in the market, and this is expected be followed by several new products in the near future.

“Despite a difficult start of 2011, Takaful and Islamic banking are now buzzwords in today’s financial world and are globally recognized in the key financial centers of the world,” said Al Meeza.

“Takaful products grew 27 per cent year on year between 2004 and 2007, prior to the economic slowdown. It is estimated that Islamic financial assets have exceeded the 1 trillion mark globally, with Insurance products playing a key role in this expansion.”

“Aman remains cognizant of its leadership position, and is working to champion Islamic insurance or Takaful as a viable alternative to conventional products globally. We are constantly revaluating our portfolio and introducing innovative solutions in association with our valued business partners,” he concluded. – TradeArabia News Service