Dubai SME teams up with Noor Takaful to widen field for UAE entrepreneurs

Press release

Published June 7th, 2011 - 08:28 GMT

Al Bawaba

SME, the agency of the Department of Economic Development which is mandated to develop the small and medium enterprise (SEM) sector, has launched a partnership with Noor Takaful to attract more UAE national entrepreneurs into the insurance industry offering them flexible business start-up options.

According to a memorandum of understanding (MoU) signed between Dubai SME and Noor Takaful, the insurance company will offer franchises to UAE nationals to sell Noor Takaful branded products across the UAE.

Entrepreneurs can work under any of three different franchisee arrangements offered by Noor Takaful

- as a home-based agent using the Intilaq license of the Department of Economic Development,

- as a business start-up in the Business Incubation Centre at Dubai SME

- as a full-fledged business operating independently.

The three options give first-time entrepreneurs the opportunity to start at minimal investment, gain knowledge and then gradually evolve and expand as a full-fledged business. Meanwhile, being part of the Dubai SME network will enable the franchisees to successfully market Noor Takaful products among potential clients.

His Excellency Abdul Basit Al Janahi, CEO of Dubai SME commented: “Dubai SME has an expanding partnership network, which is a strong platform to create synergies and source competitive services and solutions for business growth. We are delighted to have Noor Takaful among our partners. The partnership also marks the first strategic initiative of Dubai SME to promote home-based businesses to generate substantial income and create opportunities for UAE nationals in new economic sectors.”

Dubai SME and Noor Takaful will organise awareness programmes for community members, presenting all aspects of the franchisee business model including opportunities in the franchise, income potential and roles and responsibilities.

Dr. Ahmed Al Janahi, Managing Director of Noor Takaful commented, “Noor Takaful is pleased to be entering into this strategic partnership with Dubai SME. This will be the first time a franchising concept within the insurance industry will be available in the region. We expect for this relationship to initially enhance awareness levels on takaful, and in turn support entrepreneurial Emirati men and women in making informed decisions regarding their business requirements.

He added, “This partnership offers us the opportunity to further enhance our presence in the small and medium business sector, and positions us as the reliable and trusted insurance partner for the thriving young entrepreneurs”.

Background Information

Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises

In September 2009, His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai issued Law No.23 of 2009 concerning the Mohammed Bin Rashid Establishment for Small and Medium Size Enterprises, recently renamed the Mohammed Bin Rashid Establishment for Young Business Leaders.

The law defines the goals of the establishment for strengthening Dubai’s position as a centre for entrepreneurship and allows for the setting up of projects which encourage entrepreneurship and the innovative ideas of youth. This move seeks to motivate youth to work, as well as to pursue economic activity, such as the development and organisation of programs and initiatives.

Company Profile

Noor Takaful

Noor Takaful Family & Noor Takaful General are sister companies, established in early 2009, to provide a broad range of Islamic insurance (takaful) general and customised insurance products and services to individuals, families, groups and companies in the UAE market. We are the first such entities to abide by the new Federal Law No 6 of 2007, which requires life and non-life insurance businesses to be separate legal entities.