Sukoon Insurance, one of the leading insurance providers in UAE, has announced that it has officially received its mainland fund administrator licence from the country's Capital Market Authority, thus establishing Sukoon Workplace Savings Solutions Fund Administrator (SWSSFA).

This milestone will firmly position SWSSFA to offer administration services in relation to workplace savings scheme and support the development of alternative end-of-service benefits scheme in the UAE, said the company in a statement. 

Furthermore, through this entity, Sukoon stands out from the market by being able to provide a truly comprehensive suite of employee benefits solutions addressed to UAE corporates, it stated.

Hammad Khan, Interim CEO at Sukoon Insurance, said: "We are incredibly excited that this dedicated entity has received the UAE mainland licence from CMA, which marks a pivotal milestone for Sukoon and a key step forward in our long-term diversification strategy."

The onshore licensing of SWSSFA underscores Sukoon’s commitment to driving innovation within the UAE’s evolving end-of-service benefits landscape, ensuring that companies and their employees are supported by secure, transparent and seamlessly administered benefit structures, he added.-TradeArabia News Service