Insurance program comes in recognition of SMEs invaluable role in spurring economic activity and the risks involved in such endeavors
Methaq Takaful Insurance Company will now offer customers in the UAE the first ever SME Takaful Package, catered specifically to the growing demand for SME business options in the country. The insurance package is already Shariah approved and authorized by the relevant industry regulators to be offered to commercial businesses. The package—which covers a variety of areas including property, business interruption, fidelity guarantee, legal liability and personal accident—is part of a series of new products recently rolled out by Methaq including marine cargo, motor fleet and satellite insurance.
During a recent partners’ meeting that was held in the presence of Methaq management members, brokers and bank representatives, Mr. Abdullah Al Maamarri, Managing Director of Methaq Takaful insurance company, said that the package has been in development for some time in recognition of the important role SMEs play in spurring economic growth. “The ambition of the individual needs to be encouraged on all fronts as we move into a new era of globalization and digital technology,” says Al Maamarri. “SMEs need to be able to take risks in the market and spur economic innovation, and we are here to support them by providing customized, reliable Shariah-compliant insurance solutions.”
The Abu Dhabi Council for Economic Development (ADCED) has recently stressed that support to small and medium-sized enterprises (SME) should be prioritized in order to counter the consequences of the global financial crisis on the UAE economy. According to ADCED, SMEs in the UAE are the backbone of the country’s economy due to their dominance of anywhere between 85% and 95% of the UAE’s total businesses sector.
The Takaful Insurance practiced by Methaq is on a cooperative basis whereby a group of individuals seek to indemnify the loss suffered by any individual according to the terms and conditions set forth in the policy. The insurance company then compensates the individual out of the collective pooling of the contributions made by each policy holder (the “Takaful Fund”).
“Our vision is to be a leading Shariah-compliant insurance company by constantly introducing new products to the market and implement marketing strategies that allow us to offer our products to entities throughout the region,” adds Al Maamarri.
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.