Association of Islamic Banking Institutions Malaysia

Dubai Bank and SALAMA partner up

Thursday, 02 July 2009

Dubai Bank announced today that it has partnered with Islamic Arab Insurance Company (SALAMA) to expand its product portfolio.

Dubai Bank customers will now be offered a range of Shariah compliant unit-linked funds through systematic investment plans and lump-sum investments. "Adding a host of Takaful plans from industry experts such as SALAMA will greatly support our customers in realising their personal goals for the long-term financial protection of their families," said Mohamed Amiri, Head of Retail Banking at Dubai Bank.

He added, "Offering a diverse range of consumer finance solutions, we seek to be an active partner, helping our customers meet their financial needs. Strategic partnerships with Sharia-compliant entities are central to our overall growth plans and value addition initiatives."

In recent years, the Takaful industry has grown by up to 25% per annum – the sector is expected to reach US$11 billion by 2015.

Noel D'Mello, General Manager, Family Takaful, SALAMA, said: "The current global economic conditions have heightened the need for families to plan prudently for wealth protection and accumulation. SALAMA has specialised in customising systematic investments and savings-linked Takaful plans which provide good value for money to the discerning investor.”

Dubai Bank was converted into a Shariah-compliant institution in January 2007. The bank was named Islamic Bank of the Year last month at the Banker Middle East Awards.

Sources:
Zawya
Dubai Bank