Nexus, one of the largest IFA firms in the Middle East, has opened a Qatar office following regulatory approval from the Financial Centre Regulatory Authority.
The development comes as the company, formerly the Middle Eastern distribution arm of insurer Zurich, rolls out a Takaful insurance product for firms designed to provide coverage against a range of business risks.
The Business Protector product, which has been developed in partnership with Dubai’s Salama Islamic Arab Insurance Company, includes cover for property, interruption to business, employee compensation, among a number of other areas.
Mahmoud Nodjoumi, chief executive of Nexus, said: “[Business Protector] is part of our joint efforts to accelerate the development of Takaful and insurance solutions and expand the services that we provide to our clients. The prospects for increasing the insurance penetration rate in the regional economies are clearly positive; and with the market reach and operational sophistication of the product, we are confident that the single, comprehensive Business Protector policy will help regional businesses function seamlessly.”
Rafiq Halani, general Manager – general and health at Salama, said the policy, which provides cover ranging from AED 500,000 to 30m, provided comprehensive cover.
“What makes the Business Protector a complete plan is that it covers the entire gamut of insurance requirements across various sectors – from media to industrial to food and beverages,” he noted.
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