Dar Al Takaful launches first bloodstock insurance product

DUBAI — Dar Al Takaful, (Islamic Insurance and Reinsurance) Company PJSC on Sunday announced the launch of its first Shariah-compliant bloodstock Takaful product, offering protection to the horse owners against financial losses.

By Muhammad Riaz Usman

Published: Mon 16 Aug 2010, 10:53 PM

Last updated: Mon 6 Apr 2015, 9:46 AM

Dubai-based Dar Al Takaful was established in July 2008 to write General Takaful business with an initial paid-up capital of Dh100 million. Its 55 per cent shares are held by the public through listing with the Dubai Financial Market.

“I am delighted to that Dar Al Takaful will offer this exciting new coverage to horse owners in the Emirates. This Equine product is another example of Dar Al Takaful’s commitment to innovation and originality in the dynamic Takaful environment of the UAE,” said Chief Executive Officer of Dar Al Takaful.

“Dar Al Takaful have established an Equine Underwriting Unit in Dubai, offering protection to horse owners against financial loss if their animal dies, as well as the cost of veterinary fees which might be incurred when treating a sick animal, for all breeds of horse, whatever it is used for,” he added.

The unit would be staffed by an equine underwriting team which would underwrite various classes of equine coverage, consisting primarily of mortality, medical and surgical fees, loss of use, and limited theft and unlawful removal, as well as bespoke solutions for international competitors and large stables.

Dar Al Takaful will also offer coverage for horse breeders, including prospective foal, barrenness, stallion infertility from accident sickness and disease, stallion first season infertility, stallion availability and, stallion loss of income.

In the near future, Dar Al Takaful will expand its portfolio to offer mortality coverage for racing camels, the CEO said.

riaz@khaleejtimes.com