Addressing a press conference in Bahrain, Sheikh Dr Abdul Aziz Bin Naif Al Orayer, t'azur chairman, said: “The team has created an unparalleled range of Takaful products. Be it for your possessions, your family or your business - t’azur has a high quality and good value Takaful solution. t’azur is now open for business.”
Created by Unicorn Investment Bank, t’azur was established in November 2007 with an authorised capital of $500 million to capitalise on untapped opportunities and immense growth potential across the international insurance sector.
The company will initially offer 20 products – eight in Family Takaful and 12 in General Takaful categories.
T’azur’s products cover all aspects of people’s lives, possessions and well-being. The Family Takaful range of products includes advanced savings plans combined with life insurance, enabling families to plan for their future regardless of unforeseen circumstances.
The General Takaful products address not only the insurance needs of individuals (e.g., motor or home insurance), but also the needs of the business community of Bahrain, through its broad range of Shari’a compliant corporate products.
Sheikh Dr Abdul Aziz said the company has been late to enter the market and hence was able to avoid some of the repercussions of the financial crisis. “We have been able to learn from the mistakes of others,” he said.
The region is a fast growing and dynamic insurance market and we are entering it at the right time with the right products, he said.
“We are a regional company and plan to launch our products in Saudi Arabia, Kuwait and Qatar shortly.”
Nikolaus Frei, t’azur CEO, added: “Insurance in general and our Takaful products in particular, ultimately benefit the whole community.”
Bahrain is a largely untapped insurance market and provides a great opportunity for Takaful products. While the insurance market as a whole saw a 34 per cent growth in the kingdom last year, the Takaful market grew a massive 300 per cent growth, he said.
The challenge for Takaful firms is to create awareness and attract the vast majority of uninsured people to benefit from the products on offer, he said.
T’azur’s range of Family and General Takaful products are available either directly from t’azur, or through all leading insurance intermediaries in Bahrain.
--TradeArabia News Service