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Nexus, the region's leading independent financial advisor, has announced its intention to begin the provision of Takaful financial products, signing a key agreement with the Munich-based FWU Group and the Dubai Islamic Insurance and Reinsurance Company (AMAN).
The three-party alliance between these leading companies in their respective fields creates one of the most substantial customer-focused Takaful offerings available in the region to date. Based on the agreement, Nexus will be the distributor of AMAN's Unit Linked Takaful and saving plans, both for regular and lump sum contributions.
Globally, Takaful - insurance that is compliant with key Islamic tenets and based on the concept of collective insurance - is currently estimated to be a $2.3 billion market, with the Middle East region accounting for 46 per cent of total sales, according to the Bahrain Insurance Association.
Hussein Mohammed Meeza, board member and managing director of AMAN, said: "Nexus is the biggest and most reputable independent financial consultancy in the region. The company has been working hard to expand the scope of the comprehensive services it offers to its clientele in the region."
FWU Group is an international specialist in international bancatakaful and Shariah compliant investments, and the new alliance with Nexus connects it with a financial advisor with one of the most substantial client networks in the region.
"We have decided to work with Nexus after careful examination of the market, selecting them for their financial expertise, understanding of the market and the depth of their client relations," said Dr Manfred J Dirrheimer, CEO, FWU Group.
Mahmoud Nodjoumi, owner and CEO of Nexus, said: "Nexus has achieved significant growth by listening to our clients and sourcing world-class providers of financial products that can truly meet their financial needs. We have received a high volume of inquiries about Takafal throughout the year, and wanted to be sure that we worked with one the most capable groups in this field."
