DUBAI — Nexus, an independent financial adviser, has announced its intention to begin the provision of Takaful financial products, signing a key agreement with the Munich-based FWU Group and the Dubai Islamic Insurance and Reinsurance Company (AMAN).
The three-party alliance between these leading companies in their respective fields creates one of the most substantial customer-focused Takaful offerings available in the region to date. Based on the agreement, Nexus will be the distributor of AMAN's Unit Linked Takaful and saving plans, both for regular and lump sum contributions.
Globally, Takaful — insurance that is compliant with key Islamic tenants and based on the concept of collective insurance — is currently estimated to be a $2.3 billion market, with the Middle East region accounting for 46 per cent of total sales, according to the Bahrain Insurance Association.
Growth within the region — as well as developments in emerging markets like Europe and America — could push the total market size to $14 billion by 2015.