Noor Takaful – amongst the first Takaful insurance companies to be established in the UAE – has reported significant double-digit percentage profit growth for 2018 even as early next yearit crosses a significant milestone of celebrating 10 years of increasing customer base.
With close to 300,000 members, Noor Takaful, a sister company of Noor Bank, provides ethical, Sharia’a compliant, innovative, unique and comprehensive Takaful (Islamic insurance) products aggregating close to AED550 million in business this year.
The company also reported an increase in premium value of 5 percent over last year (2017). The statement from Noor Takaful came on the sidelines of a grand event held at Mina Al’salam celebrating its 10th year anniversary. Many of the Board of Directors that include names such as Raed Mohammad Khalifa Kajoor AlNuaimi, Vice Chairman; Essa Abdulfattah Kazim AlMulla; Edris Mohammad Rafi Mohammad Saeed AlRafi; Mahomed Akoob; Farrukh Seer and John Iossifidis, attended the event.
Rajesh Sethi, CEO, Noor Takaful, said: “The Takaful industry has grown over the last 10 years in the UAE with greater awareness among residents about Sharia’a compliant insurance that follows the highest ethical standards. This provides our customers with great value and peace of mind. Our pricing within the sector has improved and hence the margin to grow too has improved. With new regulations and greater enforcement by authorities in the country, the sector will see greater consolidation and scrutiny which will benefit end-users.”
Speakers and analysts at the World Takaful Conference held earlier in Dubai this year said that UAE and Saudi Arabia are at the centre of the Takaful sector growth with an estimated US$11.5 billion…