UAE to become largest GCC insurance market

DUBAI - The UAE will continue to be the largest insurance market in the GCC in 2015 comprising 50 per cent of the total premium in the region, according to a latest research report.

Orange Card a must for vehicles going to Oman

Dubai: All vehicles travelling from the UAE to Oman will be required to obtain a new insurance card from October 1.

It will replace standard insurance packages and will be available from all insurance companies.

The instructions were made after discussions were held on the issue between a UAE-Oman joint insurance committee, according to Fatima Mohammad Al Awadi, deputy director of the Insurance Authority.

"There are always problems on the borders with Oman," said Al Awadi. If someone travelling there has an accident, they could face a variety of problems, including court proceedings, she explained.

"It's difficult," she said. "There is no one to help him."

Oman only recently joined the ranks of 20 Arab countries that are signatories to the 1975 Arab Insurance Card Convention, from which the Orange Card system stems.

The convention stipulates that each participating country will have a unified bureau office responsible for regulating and issuing the Orange Card.

Unified bureau offices receive vehicle accident reports and are responsible for paying accident compensation, as well as clearance of claims and settlements between other bureaus in the region.

Accidents occurring in Oman should be taken to the office there, which will deal with all proceedings. Compensation will be received via Abu Dhabi National Insurance Company, which carries out the unified bureau office duties in the UAE, Al Awadi said.

Source: Noor Takaful News

Noor Takaful receives Takaful Leadership Award for Best Marketing in the Mid East

Second year in a row Noor Takaful has won the award

Fraz Chishti (left), Corporate Communications and Marketing Manager, receives the Best Marketing – Middle East award from Baron Sheikh of Cornhill in the City of London, at the Takaful Leadership Awards 2011.

Dubai, August 16, 2011: Noor Takaful, the Islamic insurance arm of Noor Investment Group, has been recognised at the Takaful Leadership Awards 2011 with the Best Marketing – Middle East award.

Takaful insurance markets continue to grow despite operational differences

Despite ongoing, rapid growth in the Sharia-compliant insurance markets, Standard & Poor’s Ratings Services recognizes that operational issues remain commonplace in the sector. This generated some heated discussion at the International Takaful Summit, held in London on July 12/13, 2011. Standard & Poor’s views such discussions within the takaful (Islamic insurance) and retakaful community as understandable given that it is still a relatively new business sector. Nevertheless, we expect it will continue to grow rapidly, relative to the conventional insurance market, and become increasingly meaningful in overall scale in its target domiciles.

BMEPA 2011 – Best New Business Product & Best Insurance Product

We are pleased to announce that Noor Bank has been recognized at the prestigious Banker Middle East 2011 Product Awards. Our Global Transaction Services unit headed by Mr. Ehsaan Ahmed has secured the award for ‘Best New Business Product’, for their Fee Collection Facility designed for the Department of Economic Development.

Our sister company Noor Takaful has also secured the award for ‘Best Insurance Product’ for the online insurance service. Mr. Parvaiz Siddiq, CEO of Noor Takaful received both awards last week at the awards gala.

Join us to celebrating these achievement!

Dubai Taxi Launches 'Drivers' Mentor Award', Sponsored by Noor Takaful

Our sister company, Noor Takaful has sponsored “Driver’s Mentor Award  2010” in collaboration with Dubai Taxi Corporation (DTC). This award is a preventive plan to educate cabdrivers on safe driving. The award ceremony was held in Intercontinental Hotel in Dubai Festival City.