UAE - SALAMA announces AED11.5 m surplus distribution
Wednesday, 08 19 2020, Category: Islamic Insurance, Country: U.A.E
Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Shari'a compliant Takaful solutions provider, today announced a payment of surplus (cash returns) of AED11.5 million to eligible group credit life policyholders for the policy year 2019, demonstrating a good half year of profitable growth.
Surplus sharing is a unique benefit of the Takaful concept of insurance in comparison to conventional insurance, which not only protects policyholders against unforeseen circumstances but also qualifies them for a share in the achieved surplus of the fund without any investment in capital, if the claim remains below a certain level.
Parvaiz Siddiq, SALAMA’s CEO, said: “SALAMA is among the rare few Takaful companies in the region that has been distributing a surplus to its individual and group credit life policyholders for more than a decade, reflecting the true spirit of Takaful. Awarding our family of loyal policyholders a surplus has been a significant feature of SALAMA's Takaful offerings over conventional products, and a testament to our belief in Shari’ah compliant solutions. We value the trust of our customers and partners and will continue to hold them at the heart of our business with a responsible approach, high standards of services and access to Takaful best practices.”