5 Interactive Distance Learning Programs on Islamic Banking and Finance

Wednesday, March 4, 2009

Nexus, Solidarity in Takaful deal

Nexus, the region’s leading financial adviser, and Solidarity Family Takaful, have joined hands to launch their portfolio of customised Takaful products and savings plans in Bahrain.

These products have been designed to provide clients with a Shariah-compliant opportunity to protect wealth for the future, said the company officials.

Demand for Takaful products– products which are compliant with key Islamic tenets and based on the concept of shared responsibility – in the Middle East has increased sharply in recent months, with clients appreciating the benefits of transparency and security of such products, as well as their adherence to Islamic ethical expectations.

In 2008, the global Takaful market was estimated to be a $2.3 billion, with the Middle East region alone accounting for 46 per cent of total sales, according to the Bahrain Insurance Association.

International growth of the Takaful market currently stands at between 15 to 20 percent per annum.

Nigel Watson, general manager of Nexus Bahrain, said: “The Takaful market is becoming increasingly sophisticated in response to customer demand, providing an equivalent level of return to conventional financial products, as well as a high level of transparency and flexibility.”

The Takaful portfolio will include takaful products such as education, start and retirement plans having protection, saving and investment features, as well as takaful pure term life and other Shariah-compliant protection plans.

Gopi Rao, general manager of Solidarity Family, said the company was witnessing an increased demand for customised Takaful products in Bahrain.

"As part of our commitment to offering flexible products, we are working with regional insurance experts such as Nexus to further develop advanced products suitable to client requirements in Bahrain," he explained.

While Nexus offers a highly comprehensive range of personal and corporate financial products, it is confident that Takaful will emerge as one of its most popular lines over the next 12 months.

“We believe that demand for this product range will continue to rise over the coming months, particularly as customer awareness increases."

"We are excited to work with Solidarity Family Takaful, a company with demonstrated brand awareness and strong localised service and marketing support,” Watson added.

-TradeArabia News Service

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