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Takaful International Co. and Hannover ReTakaful Sign Agreement. |
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Tuesday
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05/01/2010 |
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Source :
Global Islamic Finance |
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Bahrain-listed Takaful International Co. has said it has signed an agreement with Hannover ReTakaful to raise its family takaful coverage up to US$5 million per individual. in order to improve its services and expand its portfolio. |
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Bahrain-listed Takaful International Co. has said it has signed an agreement with Hannover ReTakaful to raise its family takaful coverage up to US$5 million per individual, in order to improve its services and expand its portfolio.
Younis J. Al Sayed, Takaful International CEO, said in a statement that the agreement will give the company higher capacity, especially in family takaful, which provides protection in the form of savings schemes, children's education schemes, personal loan protection and individual income protection.
Hannover ReTakaful CEO, Mahomed Akoob, believes the agreement will extend both institutions' cooperative relations, stating "We are glad to be a part of [Takaful International] expansions in respect of takaful portfolios and services".
Takaful International has already signed agreements with Kuwait-based Takaful International Company for Takaful Insurance and with Qatar Islamic Insurance Co. to provide female-dedicated Heya (meaning 'she') products in the Kuwaiti and Qatar insurance market respectively.
Established in 1989 and then relaunched in 1998, Takaful International claims to provide innovative products and quality customer care. Its sharia'a board members include Board Chairman Shaikh Dr. Abdullatif Mahmood Al-Mahmood, who is also Vice Chairman of the Islamic Association of Bahrain; and Shaikh Mohsin Al-Asfoor, Sharia'a High Court Under-secretary of Bahrain.
Hannover Retakaful is a sharia'a-compliant company providing retakaful for international takaful companies. Its clients come from the MENA region, South-East Asia, the Asian subcontinent, South Africa, Sudan and the UK.
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