Methaq signs the first ever Space Takaful Insurance Policy with Yahsat

Policy program to cover two Yahsat satellites planned for civilian and military missions beginning later this year

Methaq Takaful Insurance Company has put together the world’s first Space Takaful Program to cover the launch of two Yahsat satellites in collaboration with ELSECO and Yahsat Satellite Communications Company. The first of the two satellites will be launched in mid-2010 by an Ariane 5 rocket from the island of Kourou in French Guiana while the second satellite will be launched a few months later. The Takaful coverage that has been arranged will cover both launches and up to 12 months in orbit thereafter.

The satellites that will be launched by Yahsat under the Methaq policy will have both a civil and a military mission. Both satellites will be used for broadcasting services, internet trunking via satellite, corporate data networking and backhauling services to telecom operators.

Mr. Abdullah Al Maamarri, Managing Director of Methaq, says that Methaq has worked very closely with the Sharia Board and its Chairman to construct a first of its kind Shariah-compliant space policy for the Yahsat project.

“This policy is a testimony to the will of Yahsat to look at innovative insurance tools and encourage local Islamic financial institutions to provide these kinds of personalized insurance solutions,” comments Mr. Al Maamarri. “From a Takaful perspective, this is unlike anything that has ever been done in the region”.

Commenting on the strategic partnership, Mr. Jassim Mohammed Al Zaabi CEO of Yahsat Satellite Communications Company says that the partnership with Methaq comes in line with the company’s vision to insure that its operations are based on Shariah-compliant policies. Al Zaabi revealed that the launch of the two satellites is considered a key project within Abu Dhabi’s technology sector, which is currently witnessing continuous growth and high interest from the Middle East and North Africa regions. He added that Mubadala’s vision–which Yahsat is part of—is to partner with leading global companies to develop industrial and commercial project within the UAE and in the region.

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 its phased roll-out of insurance products and services. 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.

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