Dubai – May 21st, 2011: Dubai Islamic Insurance and Reinsurance Company (Aman) has been awarded the World Finance Award for the Best Takaful Provider in 2011. The award offers recognition of Aman’s excellent performance, and its efforts to invigorate the Islamic finance and insurance globally.
“We are very proud to receive this award, given our constant efforts to offer excellence in service delivery. We have a number of programmes underway to ensure that we support the UAE’s national vision, and the ambitions of the global Islamic insurance industry. We pride ourselves on our high levels of client servicing, and our Emiratisation and training policies,” said Hussein Al Meeza, CEO and Managing Director of Aman.
Aman’s recognition as leading Takaful Provider comes at a difficult time for the insurance industry globally, as well as for the more specialized Takaful sector. The floods in Jeddah earlier this year, damages caused by the political turmoil in several countries and the heavy losses caused by Earthquake in New Zealand and Japan, has led to massive payouts in the first quarter of 2011.
Reinsurers have been affected far more adversely than direct insurers. “The adverse impact on reinsurers will translate to an increase in rates and very stringent terms for coverage like earthquakes or political troubles leading to loss or damage to properties. As a result, it is anticipated that it’s going to be a difficult year for the Takaful industry,” explained Al Meeza.
Nevertheless, Aman continues to dominate the Takaful industry in the GCC region, and is planning to introduce more Shariah compliant products in the market, maintaining its role as the market leader in Bancassurance. The company has recently partnered with ICICI Lombard General Insurance of India, which is part of the Fairfax Group, to introduce two new Medical products in the market, and this is expected be followed by several new products in the near future. At the same time, Aman is consolidating its position, having generated an annual premium value of over 615 million (2010) in the short span of eight years.
“Despite a difficult start of 2011, Takaful and Islamic banking are now buzzwords in today’s financial world and are globally recognized in the key financial centers of the world. Takaful products grew 27 percent year on year between 2004 and 2007, prior to the economic slowdown. It is estimated that Islamic financial assets have exceeded the 1 trillion mark globally, with Insurance products playing a key role in this expansion,” said Al Meeza.
“Aman remains cognizant of its leadership position, and is working to champion Islamic insurance or Takaful as a viable alternative to conventional products globally. We are constantly revaluating our portfolio and introducing innovative solutions in association with our valued business partners,” he concluded.