Zurich and Abu Dhabi firm in takaful venture

Zurich Financial Services Group and the UAE-based Abu Dhabi National Takaful Company have signed an agreement to establish an Islamic insurance company in Dubai. The new insurance company, Zurich Takaful Company, will be based in Dubai International Financial Centre, subject to the receipt of the required regulatory approvals. Zurich will control 51 per cent in the new joint venture company, while the remaining 49 per cent stake will be owned by the Abu Dhabi company. Mario Greco, CEO of Zurich’s Global Life Business segment, said: “The launch of Zurich Takaful offers an exciting growth opportunity and is 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 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 needs of our 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”. business24-7.ae