Latest news with #Salama
Arabian Post
5 days ago
- Business
- Arabian Post
Salama Joins Digital Push for Wider Takaful Reach
Salama has partnered with digital insurance broker Policybazaar. ae to expand access to Life Takaful coverage in the UAE, aiming to bridge protection gaps through a fully Shariah-compliant digital platform. The move brings Salama's suite of Takaful life insurance products to Policybazaar. ae's online marketplace, a platform already known for simplifying access to financial services through regulatory-compliant digital tools. This collaboration is being positioned as a strategic leap toward broader financial inclusion and enhanced customer convenience, targeting families across the country who seek transparent and ethical insurance solutions. The partnership reflects a growing convergence between traditional Takaful providers and the fintech-driven distribution model reshaping the insurance industry. With an increasing number of UAE residents looking to secure long-term family welfare through ethical financial instruments, demand for digital-first life coverage has grown sharply. ADVERTISEMENT Rakesh Sudhakaran, chief commercial officer of Salama, described the initiative as a defining moment in the company's vision to modernise Takaful offerings without compromising on core principles. He emphasised that the alignment with Policybazaar. ae supports the company's drive to serve a younger, tech-savvy customer base seeking purpose-driven protection. The announcement follows a wave of reforms and digitisation drives in the insurance sector under the oversight of the Central Bank of the UAE, which now regulates the industry. The regulator has encouraged the adoption of InsurTech to improve operational efficiency, enhance consumer access, and uphold prudential norms. In this context, Salama's collaboration with a digital-first platform like Policybazaar. ae fits within the broader policy direction to scale up inclusive and digital insurance solutions. Policybazaar. ae, a UAE-regulated platform licensed by the Insurance Authority and the Telecommunications and Digital Government Regulatory Authority, has become a prominent digital aggregator, catering to customers seeking transparent comparisons and paperless policy issuance. Its tie-up with Salama brings Life Takaful products — designed with ethical investing principles and community-based risk sharing — into sharper focus within an evolving insurance landscape. The UAE has witnessed strong momentum in the Takaful segment, especially in the aftermath of the COVID-19 pandemic, which drove greater awareness about the need for robust family protection instruments. Salama, established in 1979 and recognised as one of the longest-operating Takaful providers globally, is leveraging its legacy to tap into shifting consumer preferences that now favour digital accessibility alongside traditional values. The Life Takaful market in the UAE remains significantly underpenetrated compared to general insurance. Industry observers note that one of the primary barriers has been the absence of easily accessible, tailored plans that reflect customers' religious and ethical beliefs while meeting modern expectations for convenience. This gap has prompted providers like Salama to seek partnerships with digitally native brokers to enhance market coverage. ADVERTISEMENT The partnership also highlights a key trend in the insurance sector: the migration of conventional insurers and Takaful operators toward digital transformation strategies. Platforms like Policybazaar. ae enable insurers to reach a wider demographic without the constraints of legacy distribution networks, offering scalability and faster turnaround times. As the UAE pushes toward becoming a digitally enabled economy, insurance players are recalibrating their models to align with national objectives. Salama's focus on embedding Life Takaful within digital ecosystems is aligned with this strategic orientation. Through a structured and compliant digital platform, customers will be able to access various Takaful solutions, submit applications online, and receive policy documents digitally, reducing administrative burdens and improving customer experience. Although Policybazaar. ae has collaborated with multiple insurers, this partnership with Salama marks a significant step in expanding Shariah-compliant offerings. The two entities plan to jointly develop awareness campaigns and financial literacy initiatives aimed at increasing consumer understanding of Life Takaful benefits and addressing prevailing misconceptions that have historically limited adoption. Salama's approach combines community-based protection principles with a firm commitment to innovation, reflecting its adaptability to changing market dynamics. The company continues to refine its offerings, with an emphasis on transparency, competitive pricing, and customer empowerment. By embedding these principles into a digital distribution framework, the firm is actively positioning itself as a modern Takaful leader. The UAE's demographic profile, comprising a young, digitally oriented population, further strengthens the rationale behind the digital push. As financial services become more integrated with mobile-first platforms and on-demand services, customer expectations have shifted decisively toward seamless digital onboarding, policy management, and claims processing — all areas that the Salama-Policybazaar. ae partnership aims to address.
Arabian Business
6 days ago
- Business
- Arabian Business
Salama ties up with Policybazaar.ae for its Life Takaful insurance
Islamic Arab Insurance Company (Salama), one of the world's largest and longest-established Shariah-compliant Takaful solution providers, is now offering its Life Takaful products through digital platform. The partnership meets all local regulatory requirements and promises to increase life insurance penetration in the UAE. Salama expands Life Takaful via Salama's offerings are designed to meet a broad spectrum of financial objectives – from pure term protection to savings-linked plans. Rakesh Sudhakaran, Chief Commercial Officer, Salama, commented: 'At Salama, we've always been at the forefront of Takaful innovation, committed to ethical and forward-thinking financial solutions that support the long-term wellbeing of families in the UAE. 'Our strategic partnership with represents a pivotal move in expanding our reach to customers who value ethical, transparent, and purpose-driven protection. Together, we are reshaping the future of Life Takaful – making it more accessible, relevant, and impactful for communities across the Emirates.' Neeraj Gupta, CEO, added: 'At we've seen increasing awareness among UAE residents about the need to safeguard their families' financial well-being. 'Life insurance should be an easy and transparent decision – not a complicated one. By bringing Salama's exceptional Takaful solutions onto our platform, we're empowering customers to make informed choices, anytime and anywhere. This partnership plays a vital role in closing the protection gap in the UAE.' Salama's ethical and robust Life and Savings Takaful solutions are designed around a Return of Contribution feature, which ensures that customers' contributions are protected and returned, empowering them to confidently pursue their long-term financial goals. Atul Kathuria, Business Head – Life Insurance, added: 'Salama's Life Takaful products uniquely blend security and financial planning. With differentiators like return of premium and guaranteed principal protection, they offer unmatched value in today's market. 'This partnership allows us to harness our digital capabilities to bring these solutions to a broader audience, helping more people make confident, well-informed insurance decisions.' The partnership, which went live earlier this month, is supported by educational content, dedicated product assistance, and customer service. It underscores a shared commitment to financial inclusion and digital innovation.
Gulf Business
6 days ago
- Business
- Gulf Business
Salama partners with Policybazaar.ae to widen access to Life Takaful in UAE
In a strategic initiative to expand life insurance coverage across the UAE, Salama, one of the world's largest and longest-established providers of Shariah-compliant Takaful solutions, has announced a partnership with Rakesh Sudhakaran, chief commercial officer, Salama stated: 'At Salama, we've always been at the forefront of Takaful innovation, committed to ethical and forward-thinking financial solutions that support the long-term wellbeing of families in the UAE. Our strategic partnership with represents a pivotal move in expanding our reach to customers who value ethical, transparent, and purpose-driven protection. Together, we are reshaping the future of Life Takaful — making it more accessible, relevant, and impactful for communities across the emirates.' Salama's suite of offerings ranges from term protection to savings-linked plans and is now available via platform. Read: Neeraj Gupta, CEO, mentioned: 'At we've seen increasing awareness among UAE residents about the need to safeguard their families' financial well-being. Life insurance should be an easy and transparent decision — not a complicated one. By bringing Salama's exceptional Takaful solutions onto our platform, we're empowering customers to make informed choices, anytime and anywhere. This partnership plays a vital role in closing the protection gap in the UAE.' Product features At the heart of the partnership is a portfolio of Life and Savings Takaful products with features such as Return of Contribution, which ensures customer contributions are returned, enabling them to stay focused on their long-term financial goals. Atul Kathuria, business head – life insurance, added: 'Salama's Life Takaful products uniquely blend security and financial planning. With differentiators like return of premium and guaranteed principal protection, they offer unmatched value in today's market. This partnership allows us to harness our digital capabilities to bring these solutions to a broader audience, helping more people make confident, well-informed insurance decisions.' The partnership, which went live earlier this month, is backed by educational content, dedicated product support, and a streamlined customer journey. Salama and are jointly aiming to redefine insurance delivery in the UAE, reinforcing their commitment to digital innovation, financial inclusion, and long-term protection for families across the country.
Zawya
6 days ago
- Business
- Zawya
Salama partners with Policybazaar.ae to expand access to Life Takaful Insurance Solutions in the UAE
Dubai, UAE: In a landmark move to increase life insurance penetration in the UAE, Salama (DFM: "SALAMA"), one of the world's largest and longest-established Shariah-compliant Takaful solution providers, has partnered with a leading and regulated digital insurance broker in the UAE. This partnership is aimed at making Salama's Life Takaful products more widely accessible through highly engaged digital platform in full alignment with local regulatory requirements. Rakesh Sudhakaran, Chief Commercial Officer, Salama stated: 'At Salama, we've always been at the forefront of Takaful innovation, committed to ethical and forward-thinking financial solutions that support the long-term wellbeing of families in the UAE. Our strategic partnership with represents a pivotal move in expanding our reach to customers who value ethical, transparent, and purpose-driven protection. Together, we are reshaping the future of Life Takaful — making it more accessible, relevant, and impactful for communities across the emirates.' Salama's offerings are designed to meet a broad spectrum of financial objectives — from pure term protection to savings-linked plans — and are available on Neeraj Gupta, CEO, mentioned: 'At we've seen increasing awareness among UAE residents about the need to safeguard their families' financial well-being. Life insurance should be an easy and transparent decision — not a complicated one. By bringing Salama's exceptional Takaful solutions onto our platform, we're empowering customers to make informed choices, anytime and anywhere. This partnership plays a vital role in closing the protection gap in the UAE.' At the core of this partnership lies a unique portfolio of ethical and robust Life and Savings Takaful solutions, thoughtfully designed around a Return of Contribution feature. This ensures that customers' contributions are protected and returned, empowering them to confidently pursue their long-term financial goals. Atul Kathuria, Business Head – Life Insurance, added: 'Salama's Life Takaful products uniquely blend security and financial planning. With differentiators like return of premium and guaranteed principal protection, they offer unmatched value in today's market. This partnership allows us to harness our digital capabilities to bring these solutions to a broader audience, helping more people make confident, well-informed insurance decisions.' The partnership which went live earlier this month, is supported by educational content, dedicated product assistance, and a seamless customer experience. Together, Salama and are going beyond insurance — delivering trust, peace of mind, and lasting protection. This partnership underscores a shared commitment to financial inclusion, digital innovation, and empowering families across the UAE to build stronger, more secure futures. -Ends- Press Contact Salama Karen S. Randhawa, Head of Marketing and Communications Anuj Bhagia, Head of Marketing Communications anujbhagia@ About Islamic Arab Insurance Company – SALAMA (P.S.C.) About Islamic Arab Insurance Company – SALAMA (P.S.C.) (Salama) is one of the world's largest and longest-established Shariah-compliant Takaful solutions providers listed on the Dubai Financial Market, with paid-up capital of AED 939 million. Since its incorporation in 1979, Salama has been a pioneer in the Takaful industry, having won many industry awards and accolades. Salama's stability and success can be attributed to its customer-centric approach that keeps its customers and partners at the heart of the business, while staying committed to its Takaful principles. The company is recognised for providing the most competitive and diverse range of family, motor, general and health Takaful solutions that meet the ever-changing demand of its individual and corporate customers in the UAE and, through its extensive network of subsidiaries and associates, in Egypt and Algeria. As the preferred Takaful provider for its partners and customers, Salama remains committed to shaping tomorrows, together. About (Policybazaar Middle East Insurance Brokers) (Policybazaar Middle East Insurance Brokers) is the UAE's leading online platform for comparing and purchasing insurance and financial products. Built on a foundation of trust, transparency, and technology, empowers individuals and families to make well-informed decisions about Life, Health, Motor, and Travel insurance. With a growing presence in the Middle East and a strong legacy of innovation, the platform simplifies complex financial choices and offers seamless digital access to some of the region's most trusted insurers. is part of PB Fintech, the parent company of — one of India's largest fintech players and a publicly listed entity.
Yemen Online
6 days ago
- Yemen Online
Iran seizes foreign tanker on fuel smuggling allegations
Iran's judiciary says authorities have seized a vessel smuggling 2 million liters of fuel in the Gulf of Oman. Fuel smuggling is rampant from Iran, where the domestic fuel price is kept low by heavy subsidies. Iranian authorities have seized a foreign tanker in the Gulf of Oman for smuggling 2 million liters (around 528,000 gallons) of fuel, the chief justice of southern Hormozgan province said on Wednesday. The vessel was intercepted "after legal documents related to its cargo were found to be incomplete," said Mojtaba Ghahremani, according to the judiciary's Mizan Online outlet. Fuel smuggling by land to neighbouring countries and by sea to Gulf Arab states is a persistent problem for authorities in Iran, where domestic fuel prices are among the lowest in the world owing to heavy subsidies. What has Iran said about the vessel's seizure? Ghahremani said that said that the tanker was detected as part of routine monitoring along the Gulf of Oman. "During the continuous process of monitoring and surveilling suspicious fuel smuggling movements in the Gulf of Oman, officers inspected a foreign tanker due to its lack of legal documents regarding its cargo and seized it on charges of carrying 2 million litres of smuggled fuel," Ghahremani said, according a report carried by the semi-official Mehr news agency. "Seventeen suspects, including the captain and crew of the foreign tanker, have been taken into custody," Ghahremani said, without giving the identity and nationality of those arrested, or the name of the tanker and the flag under which it is registered. He said a judicial case had been opened at the Jask county prosecutor's office. "The actions of fuel smugglers, who in coordination with foreigners, attempt to plunder national wealth will not remain hidden from the judiciary and punishment of perpetrators, if their crimes are proven, will be without leniency," Ghahremani said, according to the report. Other fuel smuggling incidents The Wednesday seizure is not the first time Iranian authorities have taken over tankers whose crew was suspected of smuggling fuel. In April, Iran's Islamic Revolutionary Guard Corps seized two Tanzanian-flagged tankers for alleged fuel smuggling, later transferring the vessels — the Sea Ranger and Salama — to the port of Bushehr for legal proceedings.
