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Al Buhairah starts insurance unit

By Agencies


Al Buhairah National Insurance Company and Austria’s Unika Group has set up an Islamic insurance company with a capital of Dh150 million.

Abdullah Jumaa Al Seri, founding member of the newly-launched Emirates Takaful Insurance Company, said yesterday Al Buhairah Insurance Company conducted a detailed field study for three years before giving the go ahead for the plan.

He said “based on these findings an agreement was made with the Austria’s Unika Group to set up a Takaful insurance company with capital of Dh150 million in Dubai. It will provide life insurance for UAE nationals and expatriates”.

Al Seri said the aim of the deal with Unika was to provide health insurance coverage abroad.

Nader Al Qadoumi, manager general of Al Buhairah Insurance Company, said that his company will hold 20 per cent of the new company’s shares, Unika Group will have 15 per cent, while 10 per cent will be allocated to other companies in the sector. He added that 55 per cent of the shares will be subscribed to the UAE and GCC nationals.

The global takaful market is growing at 20 per cent annually with the total value estimated to reach $7.4 billion (Dh26.5bn) by 2015, industry experts said.

The total premiums written by takaful insurers will contribute approximately nine per cent of the world’s insurance market share by 2010, they added.

More than 200 international and regional delegates will attend the third Annual World Takaful Conference to be held in Dubai on April 14-15. (Agencies)