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Salama Insurance joins forces with NCB Capital investment arm

Salama Islamic Arab Insurance Company, the world's largest Takaful and Re-Takaful group, announced its strategic alliance with NCB Capital, the investment banking arm of National Commercial Bank, in a bid to further promote the spread of Sharia compliant insurance solutions.

  • Staff Report
  • Published: 23:02 November 9, 2008
  • Gulf News

Dubai: Salama Islamic Arab Insurance Company, the world's largest Takaful and Re-Takaful group, announced its strategic alliance with NCB Capital, the investment banking arm of National Commercial Bank, in a bid to further promote the spread of Sharia compliant insurance solutions.

Range of services

Salama will offer its customers a host of Sharia compliant, open-ended, unit-linked funds through regular savings and protection plans, with a minimum contribution of Dh200 per month.

"In the current global fin-ancial crisis environment, most investors are sceptical about investing single contributions for the short term. Salama's products are designed for regular systematic savings for the medium and long term and are therefore being well received," said Noel D'Mello, head of Family Takaful, Salama.

"We continue to expand and diversify our product offerings by allying with other equally strong service providers. This tie-up with NCB Capital further strengthens our presence in the UAE market and helps us to promote Sharia-compliant savings and insurance products."

A pioneer in investment banking in the region, NCB Capital has around $14 billion (Dh51.38 billion) of assets under management and launched the world's first Sharia-compliant real estate fund. It has a wide range of funds covering all asset classes which it offers to its approximately one million clients.

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