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NBC launches cover for all bondholders

NBC CEO Mohammed Qasim Al Ali, second from right, and Aman CEO Hussein Mohammed Al Meeza, second from left, at the signing ceremony. (SUPPLIED)

By Staff Writer

As a first of its kind in the region and in a major step aimed at adding value to its customers, National Bonds Corporation (NBC) has announced a new initiative – National Bonds Individual Takaful Cover. The Takaful coverage will be provided to all existing and new customers under a joint venture with leading Takaful operator, Dubai Islamic Insurance & Reinsurance Company (Aman) based on a Sharia-compliant takaful platform.

More than half a million customers will immediately be eligible for the National Bonds Individual Takaful Cover without any premium contribution. Savings up to Dh10,000 will be offered cover for a maximum amount of Dh5,000, while savings from Dh10,001 to Dh250,000 will have 50 per cent coverage of certificate value. Savings for more than Dh250,000 will be covered for a maximum amount of Dh125,000.

Customers will be covered for accidental death within the first 90 days of their savings certificates issuance. However, thereafter, they will be automatically covered for both accidental and natural death. This benefit will be effective from January 1 and will cease once the bondholder fully withdraws his savings with National Bonds.

Announcing the initiative, Mohammed Qasim Al Ali, Chief Executive Officer of National Bonds Corporation said: "This is the beginning of a new era in Takaful positioning through our long term strategic alliance with Aman. We would like to position National Bonds Corporation as a unique, high-spirited, entrepreneurial enterprise, a company known in the UAE for its unmatched level of innovation and excellence."

Louis Bruno Rochecouste, Chief Commercial Officer of National Bonds Corporation, said: "Since our inception, we have always endeavoured to offer a distinctive savings option and extended unmatched benefits to all our customers. Now, savings with National Bonds will give our customers a combination of security and savings for their future – offering additional benefit for their dependants while saving at the same time."

Hussain Al Meeza, Managing Director and Chief Executive Officer of Aman, said: "We are proud to be associated with such an innovative service with National Bonds Corporation and will extend full support to NBC to ensure the success of this unique initiative to the full satisfaction of National Bonds Corporation customers."

Iqbal Mankani, COO of Aman, said both National Bonds Corporation and Aman have worked very hard to develop this product which is fully Shariah-compliant and along with the saving element will also provide coverage to the bondholders at all times.

National Bonds savings certificates are available for purchase at nearly 500 outlets including National Bonds offices and website. For more information, call toll free 800-Bonds (26637) or visit www.nationalbonds.ae.


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