| Kippreport.com

Protector – the complete Business Takaful solution

New plan offers coverage options from AED 500,000 to AED 30 million

Dubai, April 2009: SALAMA-Islamic Arab Insurance Co. (PSC), one of the region’s leading Islamic insurance (Takaful) companies, today announced a mega initiative with Nexus Insurance Brokers LLC – the Middle East’s largest Independent Insurance and Financial Advisor – to launch Business Protector – one of the most comprehensive Takaful solution for business.

The launch of Business Protector is expected to provide a major impetus to Small and Medium-sized Enterprises (SMEs) as well as large corporations in these challenging economic scenario. The Business Protector offers tailored coverage that fit into a company’s risk perceptions and business models in an affordable and adequate manner.

The plan offers a 6C approach to customer satisfaction, including Comprehensive (wide-ranging coverage with extra benefits); Convenience (Single policy addressing all insurance needs); Cost-Effectiveness (Administrative efficiency leading to savings); Choice of Covers (customized insurance programmes); Customer-friendly Wording (easy understanding and reference clauses); and Customer-Oriented Services (world-class customer services from SALAMA and Nexus).

“The SALAMA Business Protector is set to revolutionize the regional Takaful sector and is perfectly customized to cater to the needs of the businesses in the region. The launch of Business Protector is central to SALAMA’s philosophy to offer innovative and tailored products in line with today’s economic conditions and the regional market requirements. We have found a very effective partner in Nexus Insurance Brokers to launch a complete Takaful solution for businesses,” said Dr. Saleh Jamil Malaikah, Vice Chairman and CEO of SALAMA.

The Business Protector plan provides coverage across six different sections including Property All Risks, Business Interruption, Money, Fidelity Guarantee, Public/Tenant’s Liability, and Workmen’s Compensation / Employer’s Liability. SALAMA and Nexus have joined forces to deliver prompt and quality claim services besides value-added benefits to complement the risk management programme.

Mr Rafiq Halani, General Manager – General and Health at SALAMA, said: “SALAMA is the largest Takaful and Re-Takaful operator and this product is part of our diversification in the product portfolio. The plan offers various coverage options from AED 500,000 to AED 30 million worth of property, besides coverage for other risks required by any business in the region. What makes the Business Protector a complete plan is that it covers the entire gamut of insurance requirements across various sectors – from media to industrial to food and beverages. Our strategy focuses on providing quality services and Takaful options from corporate to employees for SMEs and corporations in the region. We believe that this launch will kick off the overall development of the Takaful industry in this region.”

In his comments on the launch of the new plan, Mr. Mahmoud Nodjoumi Chief Executive Officer of Nexus Group of Companies, said: “It is a great privilege to be working closely with SALAMA – the world leaders in Takaful and Re-Takaful products – for the launch of the Business Protector plan. The policy developed jointly by SALAMA and Nexus enables us to increase our offering to our clients. It is part of our joint efforts to accelerate the development of Takaful and insurance solutions and expand the services that we provide to our clients. The prospects for increasing the insurance penetration rate in the regional economies are clearly positive; and with the market reach and operational sophistication of the product, we are confident that the single, comprehensive Business Protector policy will help regional businesses function seamlessly.”

SALAMA has a solid business profile in their traditional territories -- Far East, Africa, Middle East and Central Asia, which is further improving with geographical expansion, business growth and introduction of new life lines. The company was nominated for the Best Takaful Operator and Best Banca Takaful Operator at the ‘Islamic Business & Finance Awards 2008 by CPI Financial. It has a paid-up capital of US $300 million and is listed at the Dubai Financial Market.

Nexus Insurance Brokers, the region’s largest independent insurance and financial advisor, has over 250 highly qualified professional consultants offering a broad range of licensed products from regulated providers.

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About SALAMA Islamic Arab Insurance Company

SALAMA–Islamic Arab Insurance Company embarked from Dubai on its quest for expansion through acquisitions and participation in a number of Takaful and Re-Takaful companies in many Arab and Islamic countries. Today SALAMA is the largest Takaful and Re-Takaful Group in the world with a capital of USD 300 million (in excess of AED 1 billion). Its financial strength can be gauged by “A-” rating that it received from AM Best and “BBB+” by S&P. Among the prominent subsidiaries of SALAMA, is the wholly owned Tunisia-based BEST Re, the largest global Re-Takaful company, serving customers in more than 70 countries.