AMAN & Emirates Islamic Bank announced the launch of its Auto Takaful plan
Dubai, Tuesday, September 10, 2013
AMAN and Emirates Islamic Bank leading Islamic Institutes announced launching of Auto Takaful
AMAN & Emirates Islamic Bank, one of the leading Islamic financial institutions in the UAE, today announced the launch of its Auto Takaful plan that provides comprehensive coverage against loss, damage and third party liability resulting from automobile accidents across the UAE, and extension for own damage only in Oman and Qatar, as well as third party property damage up to AED 1,000,000.
Emirates Islamic Bank also announced that its Auto Takaful solutions, which will be provided by Dubai Islamic Insurance & Reinsurance Company (AMAN), will be offered at competitive rates starting from 2.3% per annum. The driver’s coverage will extend to loss of personal effects, natural calamity damage and emergency accidental medical expenses.
"It is important that our customers stay safe and understand the significance of protecting themselves against road accidents, which could lead to unexpected financial pay outs," said Faisal Aqil, Deputy CEO - Consumer Wealth Management at Emirates Islamic Bank. "With the Auto Takaful plan, drivers and passengers will have optimal coverage against every possible hazard whilst on the road."
"The Auto Takaful plan has been designed to provide comprehensive coverage to the customers of Emirates Islamic Bank, and ensure they are covered against much of the damage resulting from road accidents," said Musa Al Shawahin, General Manager at AMAN Insurance. "We are pleased to partner with Emirates Islamic Bank, which will enable us to provide Sharia-compliant Takaful solutions for its customers, as this meets the dual objectives of protection against damages in an ethical and Islamic manner."
The key features of the Auto Takaful plan include agency repair for the first three years, wind screen damage cover and 24/7 AAA roadside assistance and off-road cover for 4x4s at no charge. In addition, personal accident benefits for drivers and passengers and vehicle replacement will also be available at a nominal additional cost.
Car owners in the UAE can have easy access to the Auto Takaful plan, with instant issuance of the policy upon online payment, in addition to access to the online RTA integration system.