Takaful Emarat expands presence in Abu Dhabi
DUBAI, September 15, 2015
Takaful Emarat, the Dubai Financial Market-listed, shariah-compliant life and health insurer, has has opened its second branch in Abu Dhabi, located in the industrial city of Mussafah.
The new branch, which was opened to service significant demand for takaful life and health insurance in the area, will provide a comprehensive range of individual and corporate solutions with a fully-serviced office ensuring customers receive best-in-class service, said a statement.
The opening is a significant announcement for the company, which is in line with its UAE growth strategy and follows a period of organisational restructuring under chief executive officer Wael Al-Sharif, who joined the group in 2013 to drive change, it said.
As part of this process, Takaful Emarat returned to a profitable underwriting model, underpinned by strict expense management structures and controls.
Indicative of this success for the first half of the year, the firm delivered a 187 per cent increase in sales to Dh164 million ($44.6 million) with underwriting profit up 82 per cent to Dh17.3 million, said the statement.
Takaful Emarat is also poised to benefit from the growth of the industry in the UAE as one of only two takaful insurers approved by the Dubai Health Authority to provide health insurance as part of its current roll out of mandatory health insurance in Dubai, it said.
“Over the last two years, Takaful Emarat has been transformed. A new multinational management and executive team from globally respected insurance businesses with 127 years of cumulative experience has re-organised and streamlined the business to focus on growth in our domestic UAE market," said Al-Sharif.
“H1 2015 was a firm indication of the success of this strategy and our new office opening in Abu Dhabi, our second branch in the UAE, is further proof of our on-going growth and expansion strategy as we strengthen our distribution channels and drive our market share, he said.
“With the GCC takaful contributions expected to reach $20 billion by 2017 and with the relatively low insurance penetration, Takaful Emarat is uniquely well-positioned in the UAE market to capitalise on the significant opportunities that exist in the years ahead," he added.
The new branch is located at Emirates Motor Company, EMC, Mercedes Benz - Al Fahim building - Mussafah M5 in Abu Dhabi. - TradeArabia News Service
