Posted on 03/02/2006 9:28:09 PM PST by Smarti Pants
Vol XXVIII NO. 345 Tuesday 28 February 2006
Health insurance scheme launched
DUBAI: Salama Islamic Arab Insurance Company has launched Health Takaful in the UAE, the start of a Dh165 million expansion of its insurance products base in the emirates that will help drive future profitability.
The launch follows the signing of a landmark agreement with the MedNet Group, a wholly-owned subsidiary of Munich Re, one of the world's largest reinsurance companies. MedNet will process all SALAMA's Health Takaful claims.
"This is the beginning of an aggressive expansion into the personal insurance market by Salama," said Dr Saleh Malaikah, vice-chairman and CEO, Salama Islamic Arab Insurance Company.
"In addition to Health Takaful, we will be launching our innovative Life Takaful product shortly," said the CEO
"Health Takaful, along with Life Takaful, will make a significant contribution to our growth over the next five years. Both products will eventually be offered in all markets in which Salama operates."
Salama is the first insurance company to provide Health Takaful through the MedNet Group network that has over 750,000 members and provides access to more than 4,000 hospitals in Europe, the US and the Middle East. According to officials, it is also the world's largest Takaful and Re-Takaful provider.
"Takaful products are in huge demand because they rely so heavily on the virtue of fairness and are concurrent with the teachings of Islam," said Parvaiz Siddiq, general manager, Salama Islamic Arab Insurance Company.
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