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SALAMA ties up with Allfunds Bank for world-class Takaful products

November 30, 2009 12:00 by Aarti Nagraj

SALAMA ties up with Allfunds Bank for world-class Takaful products

 

Unique array of Shari’a-compliant and Islamic insurance

funds to be made available with new arrangement

 

SALAMA-Islamic Arab Insurance Co. (PSC), one of the region’s leading Islamic insurance (Takaful) companies, has joined hands with Allfunds Bank (AFB) – the leading European Open Architecture platform, to offer world-class Takaful and Shari’a-compliant funds across the Middle East.

 

As part of the tie-up, SALAMA – the leading family Takaful company in the world – will offer a select range of Shari’a compliant funds intermediated by Allfunds Bank, along with its Islamic insurance cover on a common platform to suit the diverse needs of customers in the region.

 

The tie-up with the leading companies 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 the largest Shari’a range of Islamic funds through SALAMA products, thus diversifying their choice for investments.

 

Allfunds Bank, with assets under intermediation of approximately AED164 billion, is specialized in delivering Open Architecture solutions to banks, insurance companies, asset managers and independent financial advisors (IFAs) by offering them as many as 16000 funds from 350-plus international and local fund houses on a purely automated dealing platform.

 

Noel D’Mello, General Manager, SALAMA Family Takaful, said: “We are proud to announce the tie-up between SALAMA and Allfunds Bank for Takaful solutions – a major step towards our strategy to further expand our presence in the region. Given the immense potential for such Takaful and Shari’a products in the market, this tie-up will mark a new chapter in our growth and expansion.”

 

He added: “SALAMA has already carved a niche for itself in the Islamic insurance sector – our BBB+ rating from Standard & Poor’s and A- from AM Best proves our credentials. We are confident that this new arrangement with Allfunds Bank diversifies our offerings to our discerning regional customers.”

 

Gianluca Renzini, Managing Director Global Sales of Allfunds Bank, said: “We are very happy to announce our alliance with SALAMA as it will bring the best and largest Shari’a-compliant international and local funds offering to SALAMA’s product range. Our tie-up with this market leader will also induce visibility to our business model across the GCC and is part of our strategic growth plans in the region.”

 

The new tie-up forms another major step towards the growth of SALAMA, which recently won the Best Takaful Provider for 2009 from Global Finance magazine, the leading international financial publication headquartered in New York. 

 

The company also won the Best Global Equity Fund award, Best Takaful Company award, Best Re-Takaful Company (Best Re) award and the Best Takaful Marketing award in the past. It has a paid-up capital of US $300 million and is listed on the Dubai Financial Market.

 

Allfunds Bank, a Spanish bank incorporated in December 2000, is one of the major global distribution platforms of third-party funds in the world, with presence in 16 countries, and more than 260 institutional clients including major commercial banks, private banks, insurance companies and fund managers.

 

- Ends –

 

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.

 

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