UAE: Al Hilal Takaful and Euler Hermes sign distribution agreement
Source: Middle East Insurance Review | May 2015
Al Hilal Takaful, the takaful insurance subsidiary of Al Hilal Bank, has signed a distribution agreement in Abu Dhabi with Euler Hermes, a trade credit insurance provider.
“Our collaboration with Euler Hermes positions us to deliver the best credit insurance solutions to our clients and will enable us to secure a stronger position in the highly competitive takaful market,” said Mr Amer Daya, CEO of Al Hilal Takaful. “It also reflects Al Hilal Bank’s broader commitment of partnering with the best worldwide institutions to provide unrivalled products and services to its valued customers.”
Through the partnership, Al Hilal Bank’s Abu Dhabi customers will be able to take advantage of a broad range of trade credit insurance solutions for the management of business-to-business trade receivables offered by Euler Hermes.
During the signing ceremony, Mr Michele Pignotti, Euler Hermes’ Head of Mediterranean Countries, Middle East and Africa region, said: “We strongly believe that the cooperation will be mutually beneficial, as it will enrich the range of services offered to Al Hilal Takaful corporate clients, and enable Euler Hermes to enhance its presence in Abu Dhabi. This agreement affirms Euler Hermes’ commitment to Gulf Cooperation Council (GCC) companies as part of our long-term strategy for reinforcing our market leadership.”