First Gulf Bank (FBG) and Abu Dhabi National Takaful Co. PSC (TAKAFUL) have recently signed a strategic alliance agreement to provide Takaful cover to home finance customers of FGB.Under the scope of the agreement, FGB customers will be able to avail Sharia compliant life insurance when financing their home purchase through the bank, adding security and peace of mind in knowing that they will be covered should an accident occur.

The Life insurance premium will be a single amount paid at the beginning of the tenor in full or can be paid in easy instalments for a tenor of the customer's choice. This is a pioneer venture in a series of initiatives that FGB and Takaful will provide to the bank's customers.

Javed Afzal, Head of Retail Islamic Banking, FGB said "This agreement is the latest retail offering by First Gulf Bank as part of our overall strategy and vision to grow our range of services for our Islamic customers. By partnering with leading companies such as Abu Dhabi National Takaful, we are demonstrating FGB's ongoing commitment to bring to the market the best available products and services that fit the needs of our customers."

Commenting on this, Oussama A. Kaissi, General Manager of Abu Dhabi National Takaful Co. PSC said "This collaboration between First Gulf Bank and Abu Dhabi National Takaful marks another milestone for us. We see a great potential for a successful relationship with First Gulf Bank. Being the most promising bancassurance player in the UAE, we aim to provide the customers of FGB - Islamic Banking Division with premium Islamic insurance solutions that are parallel to none".

Added Afzal "As our Islamic customer base grows throughout the UAE, we will continue to develop additional products and services to fit their requirements - such as offering Sharia compliant life insurance as this first agreement with Takaful exemplifies,"

Source: http://www.arabianbusiness.com