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News Article

08 February 2006

ADCB Launches Debut Shari'ah Compliant Takaful and Savings Programme

Pursuing its practice of developing relevant banking products which customers can trust, ADCB announced today in alliance with Dubai Islamic Insurance and Reinsurance Company (AMAN) and FWU AG of Germany the launch of its Shari'ah Compliant Takaful and Savings Programme in the Middle East, a unique programme that combines a lifestyle savings plan with personal Takaful protection for complete peace of mind.

Mr. Eirvin Knox, Chief Executive Officer at ADCB, said "With the launch of ADCB Meethaq - Takaful and Savings Programme, we take great pride to be the first bank in the United Arab Emirates to launch a World class Shari'ah Compliant Regular Savings Programme. This customer-conscious programme, which is available at ADCB main branches in the UAE, is our first Islamic offering under the umbrella of ADCB Meethaq - Islamic Financial Solutions. Fulfilling its social responsibilities, and the public expectations from a leading financial institution in the region, ADCB aims to introduce more innovative Islamic Financial Solutions, fully manufactured by the bank, or in partnership with other financial institutions."

"ADCB Meethaq - Takaful and Savings Programme allows UAE Nationals and Expatriates to have access to Shariah Compliant International Mutual Funds, start a Saving Plan whether for them or their family members with as little as AED 500 per month, protect the financial future of those closest to them through the Takaful component of the plan, and enjoy a State-of-the-Art product and service capabilities. The product advanced underwriting procedure has been designed to offer the maximum level of convenience for our clients where the product is underwritten, and the program certificate is issued and handed to the client on the spot, within 15 minutes." said Mr. Ala'a Eraiqat, Head of UAE Banking at ADCB.

"We at FWU AG are proud of being part of this fascinating joint venture between Abu Dhabi Commercial Bank, AMAN, Hanover Re (our Re-Takaful Partner) and the FWU Group," said Dr. Manfred Dirrheimer, CEO and President of FWU AG who went on saying "The ADCB Meethaq - Takaful and Savings Programme is proof that this unique Takaful product is fully competitive with leading traditional savings and life products. In fact the Meethaq Product sets new consumer standards in the field of transparency, asset management, administrative efficiency and consumer convenience."

Mr. Hussein Mohammad Al Meeza Managing Director of AMAN said: "In its continued efforts to provide new and innovative Shariah compliant TAKAFUL products to its valued costumers, Dubai Islamic Insurance and Reinsurance Company, AMAN, announced that they have expanded their existing cooperation agreement with Munich based FWU Group to offer investment oriented Life Takaful Products in the United Arab Emirates, primarily through bank distribution partners." "The product and the supporting system are flexible and are designed to allow the partner banks to offer tailor made private label Takaful policies," he added.

Mr. Al Meeza noted: "The company works continuously to provide advanced services in the Takaful sector through sophisticated electronic technologies that serve to develop the insurance sector in general and the Takaful insurance sector in particular."

ADCB Meethaq - Takaful and Savings Programme is a product that caters for different customer needs such as Savings, Child Education & Wedding, Retirement and Future Home Purchase.

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