Dubai – MENA Herald: Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant Life and Health Takaful Provider, continues to support its growth momentum with the introduction of a comprehensive program of professional development for its employees.
Since the launch of this initiative at the beginning of 2015, 41 of Takaful Emarat’s employees have been identified to attend over 26 different professional courses from world-leading training institutes including The Chartered Insurance Institute (CII), The Associate Life Management Institute (ALMI), The Institute of Certified Management Accountants (CMA) and Emirates Institute for Banking and Financial Studies (EIBF).
The Company’s on-going investment in its human capital is in support of its accelerating commercial growth supported by its rapidly developing product distribution partnerships. This includes the recently announced agreement with Wahat Al Zaweya Company for Investment and Real Estate Development and wider agreements with major financial institutions such as RAK Bank and Emirates Islamic Bank.
In addition to this enhanced distribution capability, as one of only two Shariah-compliant health and life Takaful provider approved by the Department of Health Authority, the Company is uniquely well-positioned to capitalize on the roll out of mandatory health insurance in Dubai, and the increased uptake of Takaful insurance in the region, which is forecast to grow as insurance penetration deepens. By 2017, the global gross Takaful market is expected to reach US$20 billion, up from current estimates of US$14 billion, according to EY.
As confirmed by Taha Actuaries & Consultants in their recent industry report issued in August 2015 on UAE National Insurance & Takaful Companies, Takaful Emarat delivered the highest increase percentage in Net Earned Contributions of 271% for the half year ended June 2015 to reach its Net Earned Contributions to AED 141 million up from AED 38 million for the half year ended June 2014”.
The training program also complements and supports Takaful Emarat’s experienced management team, which includes the appointment of 12 experienced executives over the last 24 months from globally respected insurance businesses.
Takaful Emarat’s Chief Executive Officer Wael Al-Sharif said:-
“Following our recent restructuring and a return to profitability, we are investing in our team to ensure we have the best skill sets available which strengthens our customer-centric focus. Our comprehensive employee training initiative, one of the most thorough in our industry, recognizes and rewards talent within our business as well as attracts potential new hires who want to work for a dynamic and growing business which is uniquely well placed to capitalize on the opportunities that exist within the UAE’s insurance market.”
Mohammad Alhawari, Executive Board Member & Managing Director of Takaful Emarat, commented:-
“As a forward-looking business, this investment in our people underlines Takaful Emarat’s commitment to providing its customers with best-in-class product knowledge and customer service. We will continue to invest in our team, as we continue our growth momentum and benefit from the forecasted strong growth of the regional Takaful industry”.