Al Hilal Takaful, the takaful insurance subsidiary of Al Hilal Bank, has signed a distribution agreement in Abu Dhabi, UAE, with Euler Hermes, the worldwide leader of trade credit insurance.

The agreement was forged recently at Al Bahr Towers, Al Hilal Bank’s headquarters in Abu Dhabi, during a special ceremony attended by Euler Hermes’ regional board, said a statement.

Amer Daya, CEO, Al Hilal Takaful, said: “Our collaboration with Euler Hermes positions us to deliver the best credit insurance solutions to our clients and will enable us to secure a stronger position in the highly competitive takaful market.”

“It also reflects Al Hilal Bank’s broader commitment of partnering with the best worldwide institutions to provide unrivalled products and services to its valued customers,” he said.

On account of the partnership, Al Hilal Bank’s Abu Dhabi customers will be able to take advantage of a broad range of trade credit insurance solutions for the management of business-to-business trade receivables offered by Euler Hermes.

Al Hilal Bank will leverage Euler Hermes’ offerings to help its corporate clients effectively address local and global economic challenges and successfully manage their trade receivables and worldwide expansion.

Michele Pignotti, head of Mediterranean countries, Middle East and Africa region for Euler Hermes, said: “We strongly believe that the cooperation will be mutually beneficial, as it will enrich the range of services offered to Al Hilal Takaful corporate clients, and enable Euler Hermes to enhance its presence in Abu Dhabi.”

“This agreement affirms Euler Hermes’ commitment to Gulf Cooperation Council (GCC) companies as part of our long-term strategy for reinforcing our market leadership,” he added.

Mahan Bolourchi, CEO, Euler Hermes GCC, said: “Our aim is to rely on our extensive knowledge of the region in order to broaden our reach and provide coverage to the entire market, offering businesses flexible credit insurance solutions that are tailored to fit different sectors and help promote the respective ambitions of our clients.” – TradeArabia News Service