On March 5, Takaful Emarat will unveil the first investment fund conceived and developed in-house, which the company sees as a milestone in its fourth year of operations. All the necessary approvals have been obtained, including the crucial one from the company's Sharia board.
To be managed by Riyadh Capital, the open-ended fund — with up to 90 per cent of the investor's funds being guaranteed — has a multi-year tenure. Takaful Emarat currently has more than 70 savings and protection funds on offer, but developed by others.
This is a crucial year for the Islamic insurer, which is a joint venture between Al Buhaira National Insurance Co and Austria's Uniqa Group. At the end of the year the company will look to report its first profits, said Ghassan Marrouche, general manager.
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