Allianz Takaful - Standard Chartered Bank tie-up boosts the insurance market
Allianz Takaful announced an exclusive 5-year partnership with Standard Chartered Bank to promote and sell its insurance products under Standard Chartered Bank's 'Bancassurance' portfolio
22 November 2009, Bahrain - Allianz Takaful, a major player in the insurance segment and Standard Chartered Bank have jointly announced a sales agreement to promote insurance products from Allianz Takaful in the Kingdom of Bahrain.
Under the 5-year exclusive agreement, Standard Chartered Bank will promote and sell Allianz Takaful's life insurance portfolio, which comprises plans for protection, savings, investment and child education. The products will be available to Standard Chartered Bank customers under array of Bancassurance products.
Commenting on the partnership, Dr. Abdulrahman Khalil Tolefat, Chief Executive Officer of Allianz Takaful said, "We are proud to associate with the oldest and leading multinational bank in Bahrain to sell our Insurance products. Standard Chartered Bank enjoys a large and growing customer base which is a potential and ideal target segment for our Insurance products. We hope to tap into this segment with the support of the efficient sales support offered by the Bank."
"The products are now available at Standard Chartered Bank branches across Bahrain and customers can avail the services of the Standard Chartered Bank's Relationship Managers to tailor made Allianz Takaful products to suit their specific insurance requirements."
Jonathan Morris, Chief Executive Officer Standard Chartered Bank Bahrain said, "Allianz is a major global financial services provider and we are pleased to associate with the group's subsidiary in the Middle East. By working in collaboration with third party expertise, we are able to broaden our portfolio of products with a best-in-class offer to address the whole range of our customers' financial well-being objectives. Additionally, the general insurance services fit well as one of the wealth protection tools that complement the Bank's overall wealth management solutions."
"Our customers' needs are becoming increasingly more sophisticated and service providers such as banks and insurance companies need to find ways to provide comprehensive and flexible solutions to meet these ever changing requirements. We believe Allianz Takaful's products together with Standard Chartered's Wealth Management concept will deliver just that. Our tie-up with Allianz will enable us to provide more value added services through the convenience of Standard Chartered branches."
Standard Chartered's Bancassurance simply helps you to plan and arrive at specific life time events such as Retirement solution, Child Education, Savings etc. Savings Plan helps to fulfil customers' future financial goals and Child Education Plan helps in planning children's future education and meeting the increasing educational costs. Retirement Plan is specially designed to help accumulate wealth and to enjoy a peaceful retirement life without worries. Bancassurance Plans also caters for those who like the idea of taking their investment decisions into their own hands, and getting their money to work for them.
Allianz Takaful products are available today at all Standard Chartered's 5 branches. For further information, please contact the nearest Standard Chartered Branch or call 17 531 532.
For further information, please contact:
Nimmi Kamal
Head Corporate Affairs Bahrain, Standard Chartered Bank
Tel: +973 3977 076
E-mail: Nimmi.Kamal@sc.com
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank in its markets through leading by example to be the right partner for its stakeholders. The group now employs 73,000 people, representing 115 nationalities, in more than 1,700 branches and outlets located in over 70 countries. The bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, with balanced income derived from both Wholesale and Consumer Banking.
The group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. For more information, please visit: www.standardchartered.com
Allianz Takaful
Allianz Takaful is a fully owned subsidiary of Allianz Group, one of the world's leading insurers and financial services providers. Founded in 1890, Allianz is now present in more than 70 countries with nearly 155,000 employees. Allianz provides its approximately 75 million customers worldwide with a comprehensive range of services in the areas of property and casualty insurance, life and health insurance, asset management and banking.
Allianz Takaful, headquartered in the Kingdom of Bahrain, is the Group's global hub for innovative Takaful services. Under Family Takaful, Allianz Takaful makes available programmes for life and health protection, savings, retirement, child education and capital guarantee plans. Allianz Takaful General offers a wide range of Takaful non-life products such motor, household and corporate insurance.
The Company taps into the strengths of its Global Group to provide the most innovative solutions for clients. Allianz Takaful works with a vision to become the most trusted provider of Islamic Financial Solutions which are highly recommended by customers and investors. In order to ensure this, Allianz Takaful has established its own Shari'ah Supervisory Board (with renowned Shari'ah Scholars Shaikh Nidham Yacouby as Chairman and Shaikh Ossama Bahr as member), to vet on all aspects of the company's products and operations. The Shari'ah Board is shared with Allianz Global Investors which, among others, provide Islamic Funds for the Takaful company.
Also, Allianz Takaful ties in other Allianz Group companies such as Nextcare, a third party administrator, and Euler Hermes, the Groups' Credit insurer. This enables the Company in Bahrain to offer a comprehensive set of services and product offerings to meet its clients' needs.