Noor Takaful

The five unique products are: ‘Secure Invest’, an investment linked plan that will provide investors with 100% capital protection ; ‘Executive Care’, designed to protect and invest in an employer’s most valuable asset, those key employees critical to the operations of an organization; ‘Edu Care’, intended to secure a child’s future education through regular savings; ‘Secure Income’, an investment plan to protect family income via a secured monthly income plan and ‘Smart Save’, a savings plan to encourage regular saving in anticipation of future financial needs.

The flexible products can be fully tailored with ten available additional benefit options to directly meet an individual’s needs and requirements. By participating in these plans, customers can also benefit from the Islamic insurance notion of surplus profit sharing. All individual family plans provide multiple currency and globally diverse investment fund options and provide worldwide coverage, should the policy holder decide to leave the UAE.

Noor Takaful’s Individual Family insurance products have been designed to meet the evolving income, investment and savings protection needs of increasingly sophisticated customers, at a time when the demand for Sharia’a compliant insurance services in the UAE is increasing.

"This is the beginning of an aggressive expansion into the personal insurance market by Noor Takaful. In addition to Individual Family insurance line of products, we will be launching other high quality personal insurance offerings in the coming months that will help to minimize the impact of unforeseen events on our customers," said Dr. Ahmed Al Janahi, Managing Director, Noor Takaful.

Parvaiz Siddiq, CEO, Noor Takaful said: “Life is made up of a series of events that could have a significant impact on our financial situation; the birth of a child, buying a new home or joining the workforce, are all occasions that can result in taking on a new financial obligation. Our Individual Family plans or Life products are designed to make these life changing transitions easier and to provide needed help when it is most required.”

Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. The GCC Islamic insurance sector is anticipated to grow at a rate of around 20-25 per cent per annum, according to independent industry statistics.

Headquartered in Dubai Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. They operate initially from four locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

For a comprehensive review of Noor’s newly launched Individual Family Life takaful products, please visit www.noortakaful.com

The key industry recognition, won within just 11 months since its inception, was presented to Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group and Managing Director, Noor Takaful, at a gala ceremony in Dubai on December 14.

An independent panel of judges comprising rating agencies, consultancies, solution providers and industry peers, meticulously scrutinized the overwhelming nominations for all the categories, before short listing those organizations that have adopted the best Islamic finance practices. Thousands of readers of Islamic Business & Finance then cast their votes to select the winners from more than 200 nominated institutions.

Its unique products and services came in for special mention by the judges as the key reasons for the Islamic insurer’s significant milestones achieved in less than a year.

Earlier in November, Noor Takaful launched the GCC region’s first Online Islamic Insurance Service, demonstrating its strong status as the market leader for innovative Islamic insurance.

Hussain Al Qemzi, Group CEO, Noor Investment Group, said: “This industry accolade is a testament to the hard work and dedication of the Noor Takaful team. Our range of innovative products and channels, coupled with our excellent service standards have certainly paid off within a short span.”

Dr. Ahmed Al Janahi, Managing Director, Noor Takaful, said: “It is indeed noteworthy that our relentless efforts to be at the epicentre of true customer care, on par with the leading insurance brands of the world, has been recognized. The potential of insurance and takaful in this region remains high and Noor Takaful is committed to playing a leading role in safeguarding customers’ future, the way it has to be done.”

Parvaiz Siddiq, CEO, Noor Takaful said: “We are delighted the industry has recognized what our products, efforts and brand equity mean to our customers, and the industry at large. Since the launch of Noor Takaful, we have pledged to constantly innovate and raise the bar in the regional takaful market. Our success stems from the expertise and enthusiasm of our employees, and their ability to maximize organic growth, through transparency and high levels of customer service.”

Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. The GCC Islamic insurance sector is anticipated to grow at a rate of around 20-25 per cent per annum, according to independent industry statistics.

Headquartered in Dubai Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. They operate initially from four locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

With a simple click of a mouse, the easy to use online facility allows customers to shop for a variety of insurance products which are offered at very competitive and transparent rates. The service provides a quick and complete insurance solution from beginning to end, from obtaining an online instant quote to purchasing online insurance and delivery of policy cover.

Noor Takaful inaugurated the new online service with its motor insurance, covering both private and commercial vehicles. Other types of insurance will be available shortly.

Dr Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group and Managing Director of Noor Takaful said: “We live in one of the most under insured regions in the world. With our innovative online takaful solution, a first in this region, we aim to make our Islamic insurance products more accessible to everyone through advanced technology.”

Straight forward and user friendly, the interactive portal seeks to bridge the gap between Noor Takaful and its customers who prefer the convenience of shopping online, rather than visiting a broker. By going online Noor Takaful is able to minimize transactional costs and overheads which in turn reduces the cost of purchasing insurance for customers.

The new online service, which can be accessed at www.noortakaful.com uses a safe and secure payment facility, with a high level of encryption. Customer service advisors are on hand and can provide advice and suggestions on the various insurance options available to suit each individuals unique needs

Parvaiz Siddiq, CEO, Noor takaful, said: “The online facility gives new meaning to buying an insurance policy. It involves less hassle for existing and prospective customers, since insurance products and services can be easily bought and quickly approved. We are taking the anxiety out of insurance shopping and making the process easier and less expensive for everyone”.

Noor Takaful's portfolio of products includes the 'Noor Takaful Family' that is designed to meet the needs of providing assurance through products such as healthcare, group family and life. 'Noor Takaful General' offers products that cover loss or damage to assets related to marine, engineering and aviation industries.

Coinciding with the approaching holiday season, ‘Travel Plus’ and ‘Travel Gold’ are value-added, tailor-made takaful packages designed to assist customers who may need assistance during flight cancellation and delays, loss of luggage, emergency situations, incurring of specific liability, and covering of accident and medical expenses.

Parvaiz Siddiq, CEO, Noor Takaful, said: “Noor Takaful prioritises the delivery of products and services that have the convenience of our customers at its core. Our travel solutions offered in conjunction with Mondial Assistance is guaranteed to provide an effective and professional response to travel emergencies at any given time of the year. We are confident that both offerings will be widely welcomed by our customers for its broad-ranging benefits, particularly with the upcoming travel season.”

‘Travel Plus’ and ‘Travel Gold’ are both on promotional offer from 5th June – 15th July, during which individuals will be awarded a 10 per cent discount on the purchase of the packages through the Noor Investment Group call center (800-NOOR or 8006667).

Mondial Assistance, which maintains 33 round-the-clock operation centers in 25 countries, and supported by a worldwide network of 400,000 service providers, will set up a dedicated toll-free helpline to address customer claims from any part of the world.

Launched in January 2009, Noor Takaful offers a broad range of Shari’ah compliant general and family takaful products. Noor Takaful has a presence in four locations across Dubai, Abu Dhabi and Sharjah, and eventually aims to widen its ambit to include the Middle East and North African region.

The move is in line with the company’s strategy to capitalize on the flourishing GCC Islamic insurance sector which has been anticipated to grow at a rate between 20-25 per cent per annum, according to independent industry experts.

Noor Takaful Family PJSC and Noor Takaful General PJSC are headquartered in Dubai and they have a combined paid up capital of AED 150 million. They will operate initially from 4 locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The aim is to expand the reach of these companies to include the Middle East and North African region.

Hussain Al Qemzi, Group CEO, Noor Investment Group, said: “The launch and development of a world class portfolio of takaful products and services marks Noor Investment Group’s entry into a thriving sector within Islamic finance. By embracing a customer centric business model, we are confident that Noor Takaful will position itself as the region’s leading Islamic finance institution, in both size and stature, and will raise the bar on international best practices in the industry.”

Taking root in the solid principles of Noor Investment Group, the newly established entity aims to position itself as a leading player in the global takaful industry, which is estimated to be worth around US$2 billion.

Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group said: “Takaful has a special role to play in the market as the medium to long term prospects for the sector remain high. The demand for takaful products has grown gradually over the past few years, particularly within the GCC region, aided by a shift towards ethical, innovative and Shari’ah-compliant financial solutions.”

Parvaiz Siddiq, CEO, Noor Takaful, said: “Shari’ah-compliant insurance solutions are fast gaining wide-spread acceptance across diverse customer profiles. The phenomenal growth of the takaful industry signals the need for a service-focused provider that is committed to offering socially responsible insurance solutions to customers within the region.”

Noor Takaful Family provides products designed to meet the needs of providing assurance through products such as healthcare, group family and life. Noor Takaful General will offer products to provide peace of mind against loss or damage to assets related to marine, engineering and aviation industries. Additional innovative products including savings schemes are also expected to follow shortly.