Noor Takaful

Dr Ahmed Al Janahi, Managing Director, Noor Takaful said: “The past 12 months have been a challenging time for the region’s insurance market. Nevertheless, Noor Takaful has continued to make significant progress, building on a strong business foundation. This latest award recognises the hard work and commitment of everyone at Noor Takaful to delivering excellence in all that they do.”

Parvaiz Siddiq, CEO, Noor Takaful, said: “To have won two top regional awards in the space of one month, is truly amazing. At Noor Takaful we understand that the customer is king. As a result, we strive to provide customers with the most effective and innovative insurance solutions available in the market. These latest awards validate our belief that in just three years we have established ourselves as the leading Takaful insurance provider in the UAE, on par with the best in the MENA region.”

Noor Takaful has committed itself to being at the forefront of the Takaful sector in the Middle East. Its contemporary approach to Islamic insurance has seen it provide a series of innovative products and services for its customers, including the GCC’s first e-Takaful service providing instant quotes and online payment facilities.

Since its launch in January 2009, Noor Takaful has committed itself to being at the forefront of the Takaful sector in the Middle East. This latest award recognises Noor Takaful’s contemporary approach to Islamic insurance which has seen it provide a series of innovative products and services for its customers, including the GCC’s first e-Takaful service providing instant quotes and online payment facilities. This approach has enabled Noor Takaful to have an immediate impact on the Takaful sector, securing a solid 12% share of the UAE Takaful market in just two years of operations.

Parvaiz Siddiq, Chief Executive Officer, Noor Takaful said: “As a two year old company it is a source of great pride for us to receive this award for the second year running. It is an independent assessment of how the Noor Takaful brand is perceived as an innovator and leader in the Takaful sector. We remain committed to ensuring our customers and business partners enjoy the highest levels of service and to meeting their expectations of the most effective and innovative solutions for their insurance needs.”

Under the agreement, the students will be covered for receiving medical care in the UAE through Noor Takaful’s broad network of affiliate hospitals, clinics and other medical facilities. The students will also be supported by Noor Takaful’s strong 24-hour customer service.

The Dubai Quality Award and Dubai Quality Appreciation Program were established in 1994 to set a business excellence benchmark for organizations and provide fertile ground for businesses to nurture a culture of excellence. The Awards are inspired by the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

In just its third year of operation, Noor Takaful has firmly established its own niche as an Islamic insurer, building a tangible reputation based on transparency and the effectiveness of its business model.

Commenting on this award, Hussain Al Qemzi, Group CEO of Noor Investment Group, said: “We are extremely proud to have been recognized by the prestigious Dubai Quality Appreciation Program. Being acknowledged for quality, integrity and transparency particularly within the financial services sector are critical elements for sustaining long term trust, growth and collaboration across the marketplace. We thank the Dubai Department of Economic Development for this recognition, and promise to continue our efforts to be at the forefront of business and service excellence.”

Dr. Ahmed Al-Janahi, Managing Director, Noor Takaful, said: “We are honoured with the recognition of Noor Takaful by the unique Dubai Quality Awards. This acknowledgement is special as it is a genuine reflection of the relationship we share with our clients and the business community. It is also a testimony to what we aspire to evolve into for the benefit of the society as a whole.”

Noor Islamic Bank’s Global Transaction Services unit was acknowledged for the outstanding results achieved by its latest service, the License Fee Collection facility for the Dubai Department of Economic Development. Noor Takaful was acknowledged for its online insurance products that proved popular across the country.

Hussain AlQemzi, CEO of Noor Islamic Bank and Group CEO of Noor Investment Group, said: “We are very honoured to have been acknowledged firstly by the nomination panel, and in turn, by our industry peers as the best providers of new business product and best insurance product for 2011. This underscores Noor Investment Group’s commitment to continuously aim high and provide our clients, both retail and corporate, with top-notch financial solutions.”

Dr. Ahmed Al-Janahi, Deputy Group CEO, Noor Investment Group and Managing Director, Noor Takaful said: “We are grateful for being recognized with these two awards, and are extremely pleased with our progress to date. We see these awards not as a pinnacle of achievement, but as a cornerstone of even greater things to come.”

Since the launch of the Noor brand in January 2008 with Noor Islamic Bank, followed by Noor Takaful in January 2009, the group has excelled in demonstrating its unique approach to providing contemporary Islamic finance solutions.

The inauguration was part of the celebrations hosted by Noor Investment Group (NIG), the Dubai-based Shari’a compliant financial services group, to commemorate the third anniversary of Noor Islamic Bank and the second anniversary of its insurance arm Noor Takaful.

HH Sheikh Ahmed accompanied by Hussain AlQemzi, Group Chief Executive Officer of Noor Investment Group and Noor Islamic Bank, today went on a tour of the new Noor Takaful headquarters, and visited the Noor Islamic Bank Metro station in Al Quoz.

Anniversary celebration was held for the employees of Noor Investment Group in the afternoon.

HH Sheikh Ahmed said: “Over the last three years, the Noor brand has successfully made its mark in the Shari’a-compliant financial services industry, a sector that is still in its infancy. We believe the brand will contribute to the growth of this industry and remain in the forefront as a pioneer, offering unrivalled finance and insurance solutions.”

AlQemzi said: “We are excited to achieve another key milestone in our operations as a group. Individually, Noor Islamic Bank and Noor Takaful have made significant progress in their respective industries. The opening of the new state-of-the-art headquarters for Noor Takaful reflects our commitment to consolidate our status in the insurance industry. We will continue to provide services that match global standards to our clients in the region.”

Since the launch of the Noor brand in January 2008 with Noor Islamic Bank, the brand has been a pioneer in offering new Islamic finance solutions that have been well-received by the market. The group enhanced its leadership position with the launch of Noor Takaful in January 2009.

Since inception in January 2009, Noor Takaful has committed itself to being at the fore front of customer satisfaction, providing the most effective and innovative solutions to its current and prospective customers.

In 2009 Noor Takaful launched the GCC’s first e-Takaful service where instant quotes and online payments could happen at the click of a button. In 2010, the company integrated its systems with the Dubai Roads and Transport Authority (RTA) allowing for instant data synchronization. During the same year, the RTA appointed Noor Takaful as the only Islamic insurance ‘Trusted Agent’ firm, due to its advancements in use of technology and solid corporate governance, for drivers buying motor insurance, and for registering their vehicles in a hassle free process.

Commenting on the award, Dr. Ahmed Al Janahi, Managing Director, Noor Takaful, said, “We are extremely pleased to have won this prestigious award, which is an important endorsement for our investment in technologically-supported financial solutions. The Noor brand is slowly being recognized as the face of contemporary finance due to our unconventional approach to partnering with our customers.”

Parvaiz Siddiq, Chief Executive of Noor Takaful said, “It gives us great pleasure to receive this exceptional award. We believe that delivering products in an innovative and efficient way is what customers want and expect from us. Our ability to smoothly integrate technology with our financial products and solutions, underscores our best practice expertise. We remain committed to the customers and to the business, and will continue to invest in technology platforms and automated solutions that reduce inefficiencies and costs”.

Mubashar H. Khokhar, CEO of Ajman Bank commented, “We are proud to be collaborating with one of the top takaful providers in the UAE. Ajman Bank has a reputation built on knowledgeable teams, a commitment to quality service, and a drive to deliver what customers want. In partnering with Noor Takaful today, we believe we are delivering on all fronts for our customers.”

Parvaiz Siddiq, CEO of Noor Takaful commented: “Noor Takaful is pleased to be partnering with Ajman Bank to support the auto and general takaful protection needs of its customers. Customers of the bank will have access to best in class Shari’a compliant insurance products supported by an excellent service infrastructure. Strong distribution capabilities combined with an attractive product offering is a compelling business proposition and one made possible by a partnership of two like-minded companies. We look forward to finding ways to develop this relationship further in the future.”

Ahmed Bahrozyan Licensing Agency CEO confirmed that the Licensing Agency had approved five vehicle insurers, called Trusted Agents, to renew vehicle registration for RTA's customers. It means when a person renews their vehicle insurance with a Trusted Agent, the client can also have the insurance staff renew their vehicle registration with RTA at the same time. A visit to RTA is not required. Noor Takaful.is one of the approved vehicle insurers choose to offer clients this service.

"The insurers use the same RTA's online service that a person would use from their home. As part of the renewal process a person chooses if they want the final vehicle registration card sent to them by courier and when. But importantly, the Trusted Agent provides the person with an Interim or temporary license to allow the person to immediately drive their vehicle," said Bahrozyan.

"This is part of the plan to make business with the Agency easier by reducing the need to visit RTA. When people renew their vehicle insurance with one of the five insurers, they can also complete the registration renewal at the same time," he continued.

Linking with vehicle insurers increases the number of locations that people can now visit to renew their vehicle registration. It also means through the insurers, that the Licensing Agency has a presence in all UAE emirates for people to renew a Dubai vehicle registration

Noor Takaful, the Islamic Insurance provider and subsidiary of Noor Investment Group LLC, has signed a Memorandum of Understanding (MoU) with Dubai Cares, the UAE-based philanthropic establishment launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum in 2007, in support of the charitable organization’s efforts in providing children in developing countries with access to quality primary education.

Under the terms of the agreement, Noor Takaful will offer donations to Dubai Cares from selected Takaful products that it sells to its customers as a percentage of the takaful contributions (premium) it receives. Proceeds from this endeavor will be directed towards supporting Dubai Cares’ on-going ‘School Feeding Campaign’ and other future primary education-related programs. Noor Takaful will also promote the giving of charitable donations to Dubai Cares by its individual clients and corporate clients through ‘Direct Ask’.

Commenting on the partnership with Noor Takaful, Tariq Al Gurg, Chief Executive Officer of Dubai Cares said: “Corporate philanthropy has been a major contributor to the success of Dubai Cares. The UAE’s corporate sector has always been supportive of Dubai Cares and its efforts in providing children with quality primary education, and this partnership with Noor Takaful exemplifies the UAE’s support of charitable and humanitarian initiatives. With the support of Noor Takaful, we are certain to reach out to a larger number of children and give them hope for a better and brighter future.”

Dr. Ahmed Al Janahi, Managing Director, Noor Takaful said: “Noor Takaful is delighted to support Dubai Cares in its global drive to help alleviate poverty. We hope this will contribute to Dubai Cares’ efforts in expanding its operations into new geographies, so that it is able to reach more children in developing nations, and improve their standards of living.”

Not only will Noor Takaful develop a variety of specially tailored products but it will also allocate places for Dubai Cares donation boxes in its offices and implement a payroll deduction -program for its employees to donate. In addition, Noor Takaful may also offer Dubai Cares staff takaful coverage at preferential rates.

Launched in January 2009, the Noor Takaful brand has quickly become a recognized name in the eyes of UAE consumers, supported by a carefully planned marketing and brand building strategy. Announcing the awards, the judging panel acknowledged in particular Noor Takaful’s thoughtful marketing and execution capabilities.

In its first year of operations, Noor Takaful outperformed its peer group in terms of gross written premiums, reflecting the success of its unique distribution set up and focused target segmentation strategy. At the same time, Noor Takaful has achieved recognition as an innovator, introducing, for example, the GCC’s first online Islamic Insurance service offering instant quotes, online payments and doorstep delivery.

In 2010 Noor Takaful has continued to deliver on its strategic growth objectives launching a suite of Individual Family products and securing strategic partnerships with Al Futtaim Motors, Belhasa Group and Sharjah Islamic Bank.

Dr Ahmed Al Janahi, Managing Director, Noor Takaful said: “These awards recognise the strong progress we have made in a very short period of time. Building a new brand takes time, but as a result of the hard work and dedication of our team Noor Takaful is very much on the map and gaining a reputation for innovation and service excellence.”

Parvaiz Siddiq, CEO, Noor Takaful said: “We are operating in an increasingly competitive field and to be recognised for our achievements at such an early stage in our evolution is great news for everyone associated with the company – starting with our own employees but extending of course to our customers who drive everything we do. These awards tell us we are doing the right things.”

Headquartered in Dubai, Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid up capital of AED150 million. They operate from four locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients.

The five unique products are: ‘Secure Invest’, an investment linked plan that will provide investors with 100% capital protection ; ‘Executive Care’, designed to protect and invest in an employer’s most valuable asset, those key employees critical to the operations of an organization; ‘Edu Care’, intended to secure a child’s future education through regular savings; ‘Secure Income’, an investment plan to protect family income via a secured monthly income plan and ‘Smart Save’, a savings plan to encourage regular saving in anticipation of future financial needs.

The flexible products can be fully tailored with ten available additional benefit options to directly meet an individual’s needs and requirements. By participating in these plans, customers can also benefit from the Islamic insurance notion of surplus profit sharing. All individual family plans provide multiple currency and globally diverse investment fund options and provide worldwide coverage, should the policy holder decide to leave the UAE.

Noor Takaful’s Individual Family insurance products have been designed to meet the evolving income, investment and savings protection needs of increasingly sophisticated customers, at a time when the demand for Sharia’a compliant insurance services in the UAE is increasing.

"This is the beginning of an aggressive expansion into the personal insurance market by Noor Takaful. In addition to Individual Family insurance line of products, we will be launching other high quality personal insurance offerings in the coming months that will help to minimize the impact of unforeseen events on our customers," said Dr. Ahmed Al Janahi, Managing Director, Noor Takaful.

Parvaiz Siddiq, CEO, Noor Takaful said: “Life is made up of a series of events that could have a significant impact on our financial situation; the birth of a child, buying a new home or joining the workforce, are all occasions that can result in taking on a new financial obligation. Our Individual Family plans or Life products are designed to make these life changing transitions easier and to provide needed help when it is most required.”

Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. The GCC Islamic insurance sector is anticipated to grow at a rate of around 20-25 per cent per annum, according to independent industry statistics.

Headquartered in Dubai Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. They operate initially from four locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

For a comprehensive review of Noor’s newly launched Individual Family Life takaful products, please visit www.noortakaful.com

The key industry recognition, won within just 11 months since its inception, was presented to Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group and Managing Director, Noor Takaful, at a gala ceremony in Dubai on December 14.

An independent panel of judges comprising rating agencies, consultancies, solution providers and industry peers, meticulously scrutinized the overwhelming nominations for all the categories, before short listing those organizations that have adopted the best Islamic finance practices. Thousands of readers of Islamic Business & Finance then cast their votes to select the winners from more than 200 nominated institutions.

Its unique products and services came in for special mention by the judges as the key reasons for the Islamic insurer’s significant milestones achieved in less than a year.

Earlier in November, Noor Takaful launched the GCC region’s first Online Islamic Insurance Service, demonstrating its strong status as the market leader for innovative Islamic insurance.

Hussain Al Qemzi, Group CEO, Noor Investment Group, said: “This industry accolade is a testament to the hard work and dedication of the Noor Takaful team. Our range of innovative products and channels, coupled with our excellent service standards have certainly paid off within a short span.”

Dr. Ahmed Al Janahi, Managing Director, Noor Takaful, said: “It is indeed noteworthy that our relentless efforts to be at the epicentre of true customer care, on par with the leading insurance brands of the world, has been recognized. The potential of insurance and takaful in this region remains high and Noor Takaful is committed to playing a leading role in safeguarding customers’ future, the way it has to be done.”

Parvaiz Siddiq, CEO, Noor Takaful said: “We are delighted the industry has recognized what our products, efforts and brand equity mean to our customers, and the industry at large. Since the launch of Noor Takaful, we have pledged to constantly innovate and raise the bar in the regional takaful market. Our success stems from the expertise and enthusiasm of our employees, and their ability to maximize organic growth, through transparency and high levels of customer service.”

Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. The GCC Islamic insurance sector is anticipated to grow at a rate of around 20-25 per cent per annum, according to independent industry statistics.

Headquartered in Dubai Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. They operate initially from four locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

With a simple click of a mouse, the easy to use online facility allows customers to shop for a variety of insurance products which are offered at very competitive and transparent rates. The service provides a quick and complete insurance solution from beginning to end, from obtaining an online instant quote to purchasing online insurance and delivery of policy cover.

Noor Takaful inaugurated the new online service with its motor insurance, covering both private and commercial vehicles. Other types of insurance will be available shortly.

Dr Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group and Managing Director of Noor Takaful said: “We live in one of the most under insured regions in the world. With our innovative online takaful solution, a first in this region, we aim to make our Islamic insurance products more accessible to everyone through advanced technology.”

Straight forward and user friendly, the interactive portal seeks to bridge the gap between Noor Takaful and its customers who prefer the convenience of shopping online, rather than visiting a broker. By going online Noor Takaful is able to minimize transactional costs and overheads which in turn reduces the cost of purchasing insurance for customers.

The new online service, which can be accessed at www.noortakaful.com uses a safe and secure payment facility, with a high level of encryption. Customer service advisors are on hand and can provide advice and suggestions on the various insurance options available to suit each individuals unique needs

Parvaiz Siddiq, CEO, Noor takaful, said: “The online facility gives new meaning to buying an insurance policy. It involves less hassle for existing and prospective customers, since insurance products and services can be easily bought and quickly approved. We are taking the anxiety out of insurance shopping and making the process easier and less expensive for everyone”.

Noor Takaful's portfolio of products includes the 'Noor Takaful Family' that is designed to meet the needs of providing assurance through products such as healthcare, group family and life. 'Noor Takaful General' offers products that cover loss or damage to assets related to marine, engineering and aviation industries.

Coinciding with the approaching holiday season, ‘Travel Plus’ and ‘Travel Gold’ are value-added, tailor-made takaful packages designed to assist customers who may need assistance during flight cancellation and delays, loss of luggage, emergency situations, incurring of specific liability, and covering of accident and medical expenses.

Parvaiz Siddiq, CEO, Noor Takaful, said: “Noor Takaful prioritises the delivery of products and services that have the convenience of our customers at its core. Our travel solutions offered in conjunction with Mondial Assistance is guaranteed to provide an effective and professional response to travel emergencies at any given time of the year. We are confident that both offerings will be widely welcomed by our customers for its broad-ranging benefits, particularly with the upcoming travel season.”

‘Travel Plus’ and ‘Travel Gold’ are both on promotional offer from 5th June – 15th July, during which individuals will be awarded a 10 per cent discount on the purchase of the packages through the Noor Investment Group call center (800-NOOR or 8006667).

Mondial Assistance, which maintains 33 round-the-clock operation centers in 25 countries, and supported by a worldwide network of 400,000 service providers, will set up a dedicated toll-free helpline to address customer claims from any part of the world.

Launched in January 2009, Noor Takaful offers a broad range of Shari’ah compliant general and family takaful products. Noor Takaful has a presence in four locations across Dubai, Abu Dhabi and Sharjah, and eventually aims to widen its ambit to include the Middle East and North African region.

The move is in line with the company’s strategy to capitalize on the flourishing GCC Islamic insurance sector which has been anticipated to grow at a rate between 20-25 per cent per annum, according to independent industry experts.

Noor Takaful Family PJSC and Noor Takaful General PJSC are headquartered in Dubai and they have a combined paid up capital of AED 150 million. They will operate initially from 4 locations across the Emirates of Abu Dhabi, Dubai and Sharjah, offering a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The aim is to expand the reach of these companies to include the Middle East and North African region.

Hussain Al Qemzi, Group CEO, Noor Investment Group, said: “The launch and development of a world class portfolio of takaful products and services marks Noor Investment Group’s entry into a thriving sector within Islamic finance. By embracing a customer centric business model, we are confident that Noor Takaful will position itself as the region’s leading Islamic finance institution, in both size and stature, and will raise the bar on international best practices in the industry.”

Taking root in the solid principles of Noor Investment Group, the newly established entity aims to position itself as a leading player in the global takaful industry, which is estimated to be worth around US$2 billion.

Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group said: “Takaful has a special role to play in the market as the medium to long term prospects for the sector remain high. The demand for takaful products has grown gradually over the past few years, particularly within the GCC region, aided by a shift towards ethical, innovative and Shari’ah-compliant financial solutions.”

Parvaiz Siddiq, CEO, Noor Takaful, said: “Shari’ah-compliant insurance solutions are fast gaining wide-spread acceptance across diverse customer profiles. The phenomenal growth of the takaful industry signals the need for a service-focused provider that is committed to offering socially responsible insurance solutions to customers within the region.”

Noor Takaful Family provides products designed to meet the needs of providing assurance through products such as healthcare, group family and life. Noor Takaful General will offer products to provide peace of mind against loss or damage to assets related to marine, engineering and aviation industries. Additional innovative products including savings schemes are also expected to follow shortly.