Dubai Islamic Bank (DIB) announced today that it has been named the “Best Takaful Distributor in the UAE” for the full year 2009, as well as for the fourth quarter of last year. These awards were recently presented to the bank by Germany’s FWU AG, a global leader in Takaful product development.
Launched in 2009, the Al Islami Takaful Programme is part of DIB’s comprehensive suite of Sharia-compliant wealth management solutions, which include savings schemes, mutual funds and other structured products. This programme combines savings and investment plans with personal Takaful protection, creating a unique product that offers two key benefits – savings and protection – within the same plan.
"Considering we launched in 2009, being named the best distributor of Takaful products for the year as well as for the last quarter of 2009, indicates the strength of the DIB franchise and the trust our customers place in us," said Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank, who received the awards from Huan Woon Han, Head of Distribution Management, International Business, FWU AG, and Iqbal Mankani, Chief Financial Officer, Dubai Islamic Insurance & Reinsurance Company (Aman), which is serving as the wakeel, or agent.
"The Al Islami Takaful Programme was developed specifically to meet the needs of DIB customers, and the response has been phenomenal,” added Dr. Chilwan. “In line with this increasing demand, we look forward to launching new, innovative Takaful products in 2010, further reinforcing our position as the leading distributor of Takaful products in the UAE.”
The Al Islami Takaful Programme offers a range of investment options to suit different risk profiles, with flexible payment options – from monthly contributions to one-time lump-sum contributions – and flexible maturity periods. Depending on their age, customers can choose a plan term from 7-30 years (for regular savings) and 3-30 years (for lump-sum investments). The product also offers the flexibility to increase or decrease contributions and make partial withdrawals at any time during the term.
The Al Islami Takaful Programme invests in Sharia-compliant funds that seek to generate attractive returns for participants. Returns on contributions made into the investments depend upon the performance of these funds.
