Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced the launch of a new-to-market Takaful-backed savings plan in partnership with Dubai Islamic Insurance & Reinsurance Company (AMAN). The new savings offering from Emirates Islamic enables customers to invest and save for their long-term financial needs, while at the same time providing them with the benefits of Islamic insurance. 

A key highlight of the plan is the security of the customer investment, since the invested capital is protected at maturity, thereby ensuring customers that the original capital invested will be returned even if markets fall. 

"Emirates Islamic is pleased to introduce a first-to-market Shari’a-compliant investment and protection solution that is designed to meet the specific needs of our various customers," said Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic. "With this product, we have taken the concept of Takaful or Islamic insurance to a whole new level, enabling customers to invest and save for future goals, while at the same time reinforcing mutual cooperation, responsibility, assurance and protection." 

Through the introduction of three products categories like gold, platinum and diamond, the Shar’ia-compliant investment and protection solution offers differing levels of Takaful cover to each applicant, enabling the bank to cater to all customer segments. Each plan can also be tailored to the explicit requirements of applicants including providing for gender-specific health issues or illnesses. 

"In designing this product, we have worked with our partners AMAN, to build on our joint expertise and produce affordable Takaful solution for our customers," he added. 

Among the additional features of the new savings offering is an immediate issuance process, ensuring that customers do not need to wait to get the policy. The product also has a guaranteed issuance clause linked to certain coverage amounts, in the event that the customer suffers from certain pre-existing conditions.

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