UIC to Open First Takaful Window in Yemen

UIC launched its first Takaful window in Yemen on 1 September 2008, offering all lines of insurance under supervision from the company's Shariah Board.

General Manager and Member of the Board, Mr. Tarek A Hayel Saeed, said the new operation will benefit from the UIC's existing network of branches across the country in addition to the company's subsidiary Al-Tadhamon International Islamic Bank, the largest bank in Yemen.

He expects good business opportunities for the new operation as Takaful has been growing in the region, and believes it will score the same bright results in Yemen.

"We will launch a huge campaign to introduce our new operation and we expect positive response towards the Shariah-compliant services from Yemeni public. We intend to offer products from both life and non-life lines and we hope to attract new clients, help boost the insurance image and increase penetration rates."

He added: "UIC has great ambitions to develop the Yemeni marker. The Takaful industry has lately witnessed significant developments in the Arab and Islamic worlds, and the UIC intends to keep up with such fast-paced progress."  Mr. Saeed pointed out that this initiative is proof of the UIC's commitment to the development of the insurance industry and the economic sector in Yemen.

Since 1995, the UIC has maintained a leading position in the Yemeni insurance market. In 2007, the company had the largest market share of 42% of the market's overall gross premiums, with market shares exceeding 50% in some lines such as marine, engineering, fire, and life.