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Salama aligns insurance with new regulations

Filed on November 14, 2020

Dubai — Islamic Arab Insurance Company (Salama), one of the UAE’s largest and oldest Shariah-compliant takaful solutions providers, recently introduced its new Individual Life product range that covers seven products and supplementary benefits following the new UAE regulation 49 (also known as BOD-49) that came into effect on October 15.

The revisions were made to ensure higher value for customers and promote more transparency on benefits, charges and growth rates.

“We have been working on realigning our products since the likely implementation of UAE regulation 49 was first announced last year and this made it possible for us to commence distribution to customers as soon as the legislation came into effect last month.

The new regulation responds to the need for more transparency and disclosure, ensuring that customers can see the value being offered by each product,” said Parvaiz Siddiq, CEO of Salama.

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