The FINANCIAL — Zurich Financial Services Group (Zurich) announced on November 3 that it has signed an agreement to establish a joint venture company with United Arab Emirates (UAE)-based Abu Dhabi National Takaful Company PSC (TAKAFUL) and create a new family takaful business.
The new insurance company, Zurich Takaful Company Limited (Zurich Takaful), will be based in the Dubai International Financial Centre (DIFC), subject to the receipt of the required regulatory approvals. Zurich will control 51% in the joint venture company, while the remaining 49% stake is owned by TAKAFUL.
Mario Greco, Chief Executive Officer of Zurich’s Global Life business segment, remarked: “The launch of Zurich Takaful is an exciting growth opportunity and in line with Global Life’s strategy, while it also reinforces the Group’s commitment to the Middle East and North Africa. The new company provides a unique partnership, blending global financial strength and experience with specialist takaful expertise through the union of two powerful brands to create a new force in takaful.”
Khadem Al Qubaisi, Chairman of TAKAFUL, said: “We are delighted to announce our new partnership with Zurich. The business will offer a tailored family takaful product range to meet the unique needs of discerning consumers. This joint venture will enable TAKAFUL to participate in one of the fastest growing business lines in the region and in the world, which is a key component in our regional expansion plans”.
Zurich Takaful will initially focus on the DIFC by creating a regional manufacturing and operational hub, which will act as a springboard for future growth in line with Global Life’s expansion plans.
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