UAE: Abu Dhabi National Takaful ties up with online bank
Source: Middle East Insurance Review | Jul 2023
Abu Dhabi National Takaful Co (ADNTC) has formed a strategic partnership with Al Maryah Community Bank (Mbank), the first digital bank established in the UAE.
In the partnership, ADNTC offers a range of online takaful plans exclusively to the bank’s customers via the first-ever national digital wallet: Mbank Wallet, the company said in a statement.
With this partnership, customers of Mbank through a banking mobile application can access a diverse range of online takaful plans that cater to their insurance needs while adhering to shariah principles.
ADNTC chairman Khamis Al Shamsi said, ‘‘This strategic partnership strengthens our position in the UAE, allowing us to reach a wider network and boost our growth.’’
ADNTC CEO Osama Abdeen, said, ‘‘The online takaful plans cover various aspects, including school fee protection, female care, male care, personal accident and motor takaful.’’
Mbank CEO Mohammed Wassim Khayata said, “We are bringing a new national level of everyday convenience to mobile devices with a very safe and secure environment in a digital touchless payment ecosystem.”
Separately, ADNTC will be expanding its family takaful business given that the Central Bank of the UAE last month approved a deal for ADNTC to acquire the individual life insurance portfolio from Aman. The deal is expected to be completed by the third quarter of this year. M