Emirates Money, a wholly owned subsidiary and consumer finance arm of the Emirates NBD Group, announced on Wednesday the launch of ‘Banca Takaful’ insurance product, in conjunction with Dubai Islamic Insurance and Reinsurance company (Aman) and FWU Global Takaful Solutions.
Banca Takaful is a Shari’ah-compliant unit savings plan with Takaful benefits, designed to meet the needs of customers looking for Islamic financial planning solutions.
Banca Takaful offers two different investment strategies - equity and cash - allowing customers to choose the investment strategy best suited to their risk appetites. Customers have the freedom to tailor their investment strategies with participation of up to 100 per cent in the equity markets.
A key feature of the product is its Dynamic Protection Programme (DPP) that protects invested capital in a bear market situation. A unique investment structure built into existing equity strategy, the DPP is designed to allow for participation in the upward trends of the equity markets, whilst being protected against falling markets.
“In the current economic environment where investing in regular cash instruments offers low returns, there is increasing interest in takaful solutions that offer guaranteed earnings,” said Vikas Thapar, General Manager, Emirates Money.