29 November 2010
Union National Bank and Methaq Takaful Insurance Company sign Bancassurance agreement to launch new motor insurance scheme
Union National Bank signed a memorandum of understanding with Methaq Takaful Insurance Company that will provide customers with various convenient options for motor insurance.
"This MOU is within UNB's strategy to provide a wide range of financial solutions to the customers and a reaffirmation of its core value of being 'the bank that cares.' The introduction of this service complements the various products that the Bank provides benefiting a very large customer base," UNB CEO Mohammad Nasr Abdeen said.
Although competition in the banking industry has increased significantly, UNB has made notable progress in building a very strong retail banking franchise. The bank also plans to introduce more insurance linked products in the near future.
"We are proud to tie up with Union National Bank, adding value to our customers," Methaq Takaful Managing Director Abdullah Al Maamarri said.
In a short span of time, Methaq has progressed remarkably in the Takaful business and managed to build a strong franchise of customers and partners.
Al Maamarri highlighted that recent studies in the UAE insurance industry revealed that around 60 per cent of the insurance business is generated from the motor insurance followed by medical insurance at 20 per cent and the remaining 20 per cent is from other insurance businesses. Competition in the insurance industry has increased significantly in the recent years and Methaq is well positioned with its system, processes and qualified resources to capitalise on the emerging opportunities.
Methaq Takaful Insurance Company's vision is to offer general insurance services to corporate and individual customers delivered through multiple distribution channels. Currently, Methaq offers over 30 General Insurance Products as part of the phased roll-out of the products range and service offerings. In the coming months, Methaq plans to introduce new and innovative products which will be part of the company's commitment to operational excellence and best use of technology.