National Bonds launches landmark “Individual Takaful Cover”

Published January 17th, 2010 - 09:49 GMT

As a first of its kind in the region and in a major step aimed at adding unprecedented value to its customers, National Bonds Corporation PJSC has announced its unique initiative - the “National Bonds Individual Takaful Cover” - a Takaful coverage that will be provided to all existing and new customers under a joint venture with leading Takaful operator, Dubai Islamic Insurance & Reinsurance Company (AMAN) PSC based on a Shari’a compliant takaful platform.

More than half a million customers will immediately be eligible for the “National Bonds Individual Takaful Cover” without any premium contribution. Savings up to AED 10,000 will be offered cover for a maximum amount of AED 5,000, while savings from AED 10,001 to AED 250,000 will have 50% coverage of certificate value and savings for more than AED 250,000 will be covered for a maximum amount of AED 125,000. 

Customers will be covered for accidental death within the first 90 days of their savings certificates issuance. However, thereafter, they will be automatically covered for both accidental and natural death. This benefit will be effective from 1st January 2010 and will cease once the bondholder fully withdraws his savings with National Bonds.

Announcing this new initiative, Mr. Mohammed Qasim Al Ali, Chief Executive Officer of National Bonds Corporation PJSC said: "This is the beginning of a new era in Takaful positioning through our long term strategic alliance with Aman. We would like to position National Bonds Corporation as a unique, high-spirited, entrepreneurial enterprise, a company known around the UAE for its unmatched level of innovation and excellence".

Mr. Louis Bruno Rochecouste, Chief Commercial Officer of National Bonds Corporation PJSC, said: “Since our inception, we have always endeavored to offer a distinctive savings option and extended unmatched benefits to all our customers. Now, savings with National Bonds will give our customers a combination of security and savings for their future – offering additional benefit for their dependants while saving at the same time”.

He added: The “National Bonds Individual Takaful Cover”, which offers security against unforeseen circumstances, will allow us to reach out to each and every individual and encourage him or her  to save with National Bonds, which is truly ‘Everyone’s favourite place to save and invest”.

Mr. Hussain Al Meeza, Managing Director and Chief Executive Officer of AMAN said: “We are proud to be associated with such an innovative service with National Bonds Corporation and will extend full support to NBC to ensure the success of this unique initiative to the full satisfaction of National Bonds Corporation customers”.

Mr. Iqbal Mankani, Chief Operating Officer of AMAN said both National Bonds Corporation and AMAN have worked very hard to develop this product which is fully Shariah compliant and along with the saving element, will also provide coverage to the bondholders at all times along with the highest level of service to National Bonds customers.

The “National Bonds Individual Takaful Cover” is offered in accordance with Shari’a guidelines under the supervision of National Bonds & AMAN Fatwa and Shari’a Supervisory Boards.


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