UAE: Takaful Emarat opens branch in Abu Dhabi
Source: Middle East Insurance Review | Oct 2015
Life and health specialist Takaful Emarat has opened its second branch in Abu Dhabi, located in the industrial city of Mussafah.
The opening of the new branch follows a period of organisational restructuring under CEO Wael Al Sharif, who joined the company in 2013, Takaful Emarat said in a statement.
As a result of the restructuring, Takaful Emarat returned to profitable underwriting, underpinned by strict expense management structures and controls. It delivered a 187% increase in sales to AED164 million (US$44.65 million) and an 82% growth in underwriting profit to AED17.3 million for the first half of this year. For 2014, the company’s net profits stood at AED7.2 million compared to a loss of AED17.3 million for 2013.
The takaful operator has distribution agreements in place with RAKBank and Emirates Islamic Bank, with more to follow.
Mr Al Sharif said: “Over the last two years, Takaful Emarat has been transformed. A new multinational management and executive team from globally respected insurance businesses with 127 years of cumulative experience has re-organised and streamlined the business to focus on growth in our domestic UAE market.
“H1 2015 was a firm indication of the success of this strategy and our new office opening in Abu Dhabi, our second branch in the UAE, is further proof of our on-going growth and expansion strategy as we strengthen our distribution channels and drive our market share.”
Founded in 2008, Takaful Emarat is headquartered in Dubai. It also operates a branch in Sharjah.
AED1 = US$0.27