Posted on October 07, 2011

Qatar Islamic Bank (QIB) has signed an agreement with Damaan Islamic Insurance Company (Beema), a Takaful company in Qatar, to offer its customers a suite of innovative Takaful solutions.

As per this agreement, QIB will be offering its customers Beema's Takaful products, which cover all customer needs be it motor insurance, retirement plans, children education plans or simple savings-cum-investment plans or protection plans.

QIB will also be offering Beema's 'Individual Takaful Plan' - known as 'Harth' - which is a Shariah-compliant Protection, savings/investment product designed specifically with the family in mind.

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Harth encourages a systematic savings plan to build up capital that generates good returns, alongside the Takaful protection element for overall family financial security - or a big purchase at some point in the future such as school or university fees, the cost of a marriage or, indeed, retirement.

Savings can be reimbursed at any time. Death and permanent total disability benefits are also included in the Harth plan.

Ahmad Meshari, Acting CEO of QIB, said, "Bringing Beema products on board is a strategy designed for the sole benefit of our customers. We're better able to serve their needs and facilitate their Takaful requirements by having a dedicated and hugely-experienced insurer like Beema administering the products. By working together, we are stronger, and continue to add to our portfolio of Shariah-compliant solutions to meet the requirements of our customers."

"We lead this market in Qatar and will work hard to stay in pole position with the needs of our customers uppermost in our minds at all times," Meshari said.

Ali Saleh Al Fadala, CEO, Beema said: "We're delighted to work with QIB to BRing our products to a wider audience. It's a 'win-win' in that Beema gets to raise its profile, and QIB gets to enhance its range of Sharia'-compliant offerings to customers."

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