Sukoon Insurance, among the biggest insurers in the UAE, and its subsidiary Sukoon Takaful, have formed a strategic partnership with Arab Bank for Investment & Foreign Trade (also known as Al Masraf) to make protection solutions more accessible across the UAE.
Under the strategic partnership, Sukoon Insurance and Sukoon Takaful will collaborate with the bank, enabling it to offer a range of insurance and takaful solutions to its customers, designed to meet the evolving protection needs of individuals and businesses.
The collaboration combines the Bank’s established banking platform and customer relationships with Sukoon’s extensive experience in the insurance sector and its distribution capabilities.
Mr Hammad Khan, Interim CEO and CFO of Sukoon Insurance, said, “In addition to the range of products offered by Sukoon Insurance, our subsidiary, Sukoon Takaful, will provide Shariah-compliant takaful solutions to the bank’s customers, enabling us to offer a comprehensive suite of protection solutions designed to meet the diverse preferences and needs of our clients.”
BKIC
Separately, in Bahrain, Bahrain Kuwait Insurance Company (BKIC), which is branded as GIG Bahrain, has strengthened its partnership with Bank of Bahrain and Kuwait (BBK), a leading retail and corporate bank in the kingdom.
The agreement aims to facilitate customer access to competitively priced insurance solutions and streamlined procedures under the Secura brand, BBK’s bancassurance brand.
Building on Secura’s more than 20 years of customer service, the agreement offers a range of solutions in partnership with BKIC, including car, home, and travel insurance. The collaboration now also includes life insurance products under Secura, enabling BBK's mortgage customers to benefit from insurance solutions and streamlined procedures, with reduced processing times.