UAE - SALAMA introduces Individual Life product range
Thursday, 11 12 2020, Category: Islamic Insurance, Country: U.A.E
Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Shari'ah compliant Takaful solutions provider, has successfully introduced its new Individual Life product range covering seven products and supplementary benefits following the new UAE regulation 49 (also known as BOD-49) that came into effect on 15 October 2020, according to a November 9th press release.
The revisions were made to ensure higher value for customers and promote more transparency on benefits, charges and growth rates. These changes have also strengthened controls on commission payout to empower banks, brokers and other distributors to focus on providing high-quality of financial advisory services and to encourage distributors to remain invested in the customer journey throughout the term of plan.
Parvaiz Siddiq, SALAMA’s CEO, said: "We have been working on realigning our products since the likely implementation of UAE Regualtion 49 was first announced last year and this made it possible for us to commence distribution to customers as soon as the legislation came into effect last month. The new regulation responds to the need for more transparency and disclosure, ensuring that customers can see the value being offered by each product. We are confident that these changes will positively transform the Takaful market and enable insurers like us to provide better propositions for our customers.”