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FGB to offer Islamic insurance for HNWIs

Abu Dhabi , May 4, 2008

First Gulf Bank (FGB), one of the UAE’s leading financial institutions, has announced a strategic partnership with Salama - Islamic Arab Insurance Company – the largest Takaful and Re-Takaful group in the world.

The partnership will offer FGB’s First Wealth customers access to a range of individual Family Takaful solutions across the region.

First Wealth was set up to target primarily the UAE’s and the region’s High Net Worth Individuals (HNWI) and mass affluent segments.

It provides a comprehensive range of investment products and services tailored to the financial planning needs of local and expatriate clientele.

“We continue to deliver products and services that meet customers’ requirements,” said Mufazzai Kajiji, head of Wealth Management, FGB.

“By partnering with Salama, we provide First Wealth customers the access to quality and affordable family Takaful solutions. We are pleased to partner with Salama.”

Noel D’Mello, head of Family Takaful, Salama said, 'We take pride in creating one of the most comprehensive range of individual family Takaful solutions in the region with an aim to offer high quality, yet affordable products that can be tailormade to suit every individual’s need, be it savings or protection, or a combination of both.'

'We are delighted to have entered a strategic partnership with First Gulf Bank to offer Bancatakaful,' he noted.

Salama enjoys both Arab and international presence. The company embarked from Dubai on its quest for expansion through acquisitions and participation in a number of Takaful and Re-Takaful companies in many Arab and Islamic countries.

“By 2015, it is believed that the total value of the global Takaful market will be around $15 billion. The Islamic insurance market is one of the fastest growing in the financial services industry.” Kajiji added.

FGB’s First Wealth continues to attract the UAE's and the region's HNWI thanks to the comprehensive range of investment products and services tailored to the financial planning needs of local and expatriate clientele.

First Wealth also oversees clients’ other investment portfolios such as wealth protection, investment-based retirement planning, health plans, savings and insurance, offering a holistic personal finance management service ensuring unparalleled efficiency.-TradeArabia News Service




Tags: Insurance | Islamic | launch | FGB |

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