Allianz and Standard Chartered join forces in Qatar’s takaful market
Distribution of Allianz’s Islamic law-based takaful
products in Qatar has received a boost with the singing of a
five-year exclusive agreement with Standard Chartered Bank.
Under the agreement, Standard Chartered will
sell Allianz Takaful’s life insurance products which encompass
protection, savings, investment and child education.
Allianz was granted a licence by the Qatar
Financial Centre Regulatory Authority (QFCRA) to commence
operations in August 2009. Allianz was the first takaful insurer to
be authorised by the QFCRA.
Allianz’s move into Qatar followed
authorisation to commence takaful operation in Bahrain in March
2009. Allianz has also established its global takaful headquarters
in Bahrain.
Allianz is also active in the takaful segments
in number of other markets including Indonesia, Malaysia and Saudi
Arabia where it operates Allianz Saudi Fransi in a joint venture
with Arabian bank Banque Saudi Fransi, an affiliate of French bank
Crédit Agricole.