Methaq Takaful Insurance forecasts robust 2010 growth
Methaq Takaful Insurance Co., one of the leading, Shariah-compliant takaful insurance companies in the UAE, described plans to achieve robust growth in 2010.
Samer Kanan, Managing Director of Methaq Takaful Insurance, told an invited gathering of insurance broker partners in Dubai and Abu Dhabi that the Islamic insurance industry continued to grow around the world, as he highlighted the significant role being played by Takaful Insurance in supporting economic growth in UAE and the role Methaq Takaful in particular was playing as a national Islamic company.
“Takaful Insurance has achieved phenomenal success despite the recent financial swings and global economic crisis, and we therefore see massive opportunities for the growth and development of Islamic Takaful in the Region. Our drive to succeed and to further enhance our position as one of the market leaders stems from this belief, and further driven by our technology, our commitment towards society , ably supported by a well constituted board of directors,” said Kanan.
“We, at Methaq, lay great emphasis on hiring the best local talents, as well as the best brains from the GCC and other Arab countries, as we pursue our goals and objectives. In addition, we seek to leverage the experience of international experts who can add value to the Islamic Insurance industry by providing a global perspective and guide us into a strong leadership position,” Kanan added.
Mr.Luc Metivier, CEO, reinforced the mission statement of the organization, besides highlighting the key achievements during 2009.
In his presentation, Dr. Omar Fisher, Advisor to the Board, provided a peek into the future plans of the company and the innovative Takaful products that will be launched in 2010, in addition to the new strategies that will be adopted to enrich the Islamic Insurance industry in the region.
“The primary focus of Methaq Takaful Insurance Company is to apply the highest standards of ethics and corporate governance in our day to day operations. We are also pursuing an aggressive growth strategy encompassing regional expansion, creating newer distribution channels, rewarding our broker partners through a “Premier Brokers” Club concept, besides building a well diversified Portfolio Mix, with the aim of providing seamless and high quality customer service to our clients ” said Fisher.
“We intend to set new Islamic insurance service standards as part of our efforts to present Methaq as a top notch Takaful insurance service provider. It is not surprising, therefore, that we are aiming to attain a leadership status among Takaful Insurance companies, which we believe is achievable, through our professional expertise and by adopting best of breed technologies,” Fisher added. Today Methaq Takaful has already attained a hi-tech profile, thanks to our real time web-enabled online policy issuance process which guarantees policy issuance in just a couple of minutes . This currently is applicable to motor insurance and marine cargo only even as we plan to add several more retail lines in December & January and thereafter .
Over 70 select broker partners attended the two meetings organized by Methaq Takaful Insurance Co. in Dubai and Abu Dhabi to brief its progress, new product initiatives and growth & expansion plans . The attendees also exchanged views on trends in the UAE insurance industry and ways to improve customer service. The events were attended by executive managers of Methaq, besides Mr Kanan , Dr. Fisher and Mr.Luc Metivier.
Methaq Takaful Insurance Company is a registered and licensed General Takaful company in the UAE, with a paid capital of Dhs 150,000,000. It offers individuals and corporations a complete range of high quality, flexible, integrated, Shariah-compliant insurance products and services.
Methaq insurance and investment activities are conducted in accordance with Shariah guidelines, under the supervision of the Fatwa and Shariah Supervisory Board headed by Dr. Hussein Hamad Hamed, whose members are specialists in Islamic economics and Shariah transactions.
Its activities are clearly segregated between a Takaful Fund, which legally belongs to its policyholders, and from which all claims are reimbursed and Methaq Takaful management operations, which belongs to the shareholders.