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SALAMA links with Emirates Investment Services Ltd to offer Shari’a compliant investment funds

July 1, 2009 12:00 by Aarti Nagraj

SALAMA links with Emirates Investment Services Ltd to offer Shari’a compliant investment funds

 

Tie-up will help SALAMA to offer the discerning investor a more comprehensive range of Shari’a compliant investment choices through its insurance products

 

 SALAMA-Islamic Arab Insurance Co. (PSC), one of the region’s leading Islamic insurance (Takaful) companies, today announced a tie up with Emirates Investment Services Ltd (“EIS”) (Regulated by the DFSA) – the asset management arm of the Emirates NBD Group and one of the largest asset management businesses in the region.

 

As part of the alliance, SALAMA will offer a select range of Shari’a compliant funds managed by EIS, along with its Islamic insurance cover on a common platform to suit the diverse needs of customers across the UAE.

 

This relationship reflects the potential for world-class Takaful and Shari’a-compliant investment funds to be available to SALAMA clients. As a result of the tie-up, SALAMA customers will now have direct access to EIS’s range of Islamic funds through SALAMA products, thus diversifying their choice for investments.

 

Noel D’ Mello, General Manager- Family Takaful at SALAMA, said: “Our alliance with EIS is a pivotal step towards our strategy to diversify further our fund offerings in the region. The Emirates MENA Opportunities Fund will be the first fund to be offered on the SALAMA platform that invests in the MENA region. As a customer-focused organisation, our credo has always been working in close partnerships with leading companies to offer our clients a diversified portfolio and good value for money. Affordable and competitive product-offering is the need of the hour, especially in these very challenging times for all individuals, and our association with EIS is one such move in this direction.”

 

Deon Vernooy, Senior Executive Officer of EIS said: “Amidst the growing importance of Shari’a compliant assets with excellent track records, we are happy to announce our alliance with SALAMA to offer our world-class products with Takaful cover. There is a latent market for Shari’a compliant funds within Islamic insurance products and our tie-up with a market leader like SALAMA will go a long way in making our funds available to a wider market.”  

 

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 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 on the Dubai Financial Market.

 

EIS, with assets under management of approximately AED 7 billion, provides a full range of investment products, offering exposure to the regional markets as well as global markets, covering all of the main asset classes.

 

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 the “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.

 

About Emirates Investment Services Limited

EIS is a key pillar within the Emirates NBD group, which is the largest financial institution by assets in the Middle East. EIS operates out of the Dubai International Financial Centre and under the regulation of the Dubai Financial Services Authority. The team of investment professionals at EIS has rapidly grown around a core of experienced managers. The 50-plus strong team is made up of fourteen different nationalities, providing global insight into our investment process and collectively bringing more than 150 years of investment experience to the company.

EIS’s investment philosophy is centred on value investment principles and the strong belief that the acquisition of undervalued assets will deliver superior investment returns. Support for this philosophy has resulted in assets under management growing to Dh7bn ($1.90bn) in just over three years, making EIS one of the leading asset managers in the region.

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