Dar Al Takaful floats product for small and medium enterprises
Dar Al Takaful is a subsidiary of Mawarid Finance, which owns 25 per cent of the Shariah-compliant insurance company.
Dubai — Dar Al Takaful on Monday launched a new product, ‘Himaya’, with the aim to help enhance the growth of for small and medium enterprises (SMEs) in the UAE.
Established in 2008 with a paid capital of Dh100 million and listed on the Dubai Financial Market, Dar Al Takaful is a subsidiary of Mawarid Finance, which owns 25 per cent of the Shariah-compliant insurance company.
Himaya provides comprehensive coverage of insurance products and services for SMEs. Companies with annual turnover of less than Dh50 million and staff strength of 20 will be eligible for the new product.
It is estimated that SMEs are a vital part of Dubai’s economy and responsible for its success story. They constitute about 95 per cent of all businesses in the emirate and contribute 40 per cent to Dubai’s nominal GDP (gross domestic product).
“Himaya shall cover a comprehensive range of insurance services and products to SMEs such as restaurants, coffee shops, small schools, training institutions and nurseries, automobile shops, metal workshops and service centres, health and beauty salons, offices and retail shops,” Saleh Abdul Ghafar Al Hashmi, managing director of Dar Al Takaful, said.
“SMEs are the engine of growth for any country and economy. We hope the new product will be well-accepted in the market,” Al Hashmi added.
Abdul Salam Ali, chief financial officer of Dar Al Takaful, said the company has delivered a number of innovative products since its inception. “Our portal eBab, launched a few years ago, is a success and a mobile app will be launched soon,” he informed.
Himaya will cover the loss of or damage of physical assets such as furniture and fixtures; loss of profits which covers the risk of business interruption, including loss of rent and increased cost of work. Fidelity guarantee provides protection against legal liability due to accidental injuries attributed to premise or service.
It also provides cover for employees in the event of any accident or injuries during employment, while personal accident covers for five named employees.
Moreover, Himaya offers SMEs owners an opportunity to select from different types of Sharia-compliant coverage under one policy, with competitive rates and quality service.
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