SALAMA successfully introduces new Individual Life product range in compliance with UAE Regulation 49

United Arab Emirates, Dubai, 09 November 2020: Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Shari’ah compliant Takaful solutions provider, has successfully introduced its new Individual Life product range covering seven products and supplementary benefits following the new UAE regulation 49 (also known as BOD-49) that came into effect on 15 October 2020.

The revisions were made to ensure higher value for customers and promote more transparency on benefits, charges and growth rates. These changes have also strengthened controls on commission payout to empower banks, brokers and other distributors to focus on providing high-quality of financial advisory services and to encourage distributors to remain invested in the customer journey throughout the term of plan.

Parvaiz Siddiq, SALAMA’s CEO, said: “We have been working on realigning our products since the likely implementation of UAE Regualtion 49 was first announced last year and this made it possible for us to commence distribution to customers as soon as the legislation came into effect last month. The new regulation responds to the need for more transparency and disclosure, ensuring that customers can see the value being offered by each product. We are confident that these changes will positively transform the Takaful market and enable insurers like us to provide better propositions for our customers.”

In line with Regulation 49, SALAMA has revised its whole of life, protection, savings and investment offerings as follows:

Whole of Life Plans
• Hayat Superior / Lifelong Superior (Whole of Life Plan)
• Hyat Secure (Whole of Life Plan with Return of Contributions)

Savings Plans
• Idikhar Plus (Regular Contribution Savings Plan)
• Idikhar Plus Secure (Regular / Single Contribution Savings Plan with protected maturity proceeds)

Investment Plan
• Momayaz / Wealth Plus (Single Contribution Investment Plan)

Protection Plans
• Hemayati Plus (Level Term Plan, with Maturity Bonus)
• Hemaya Plus (Level Term Plan)
SALAMA’s Regulation 49 compliant offerings provide a wide range of customised life, savings, protection and investment solutions to the UAE citizens and residents. To find out more, please visit: www.salama.ae