Noor Takaful
Encyclopedia
Noor Takaful was officially launched and opened to the public on 7 January 2009
in Dubai
as a Shari’a compliant insurance
(Takaful
) company to support the growing needs of the UAE and the GCC
economies. The company offers a range of personal and commercial insurance
(Takaful
) products with an emphasis on personalized services. The products and services are governed by a Shari’a Board composed of leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Takaful is a subsidiary of Noor Investment Group and sister company of Noor Islamic Bank
Noor Takaful holds the distinction of being awarded the 'Best Takaful Operator' by the CPI Financial 'Islamic Business Awards' after just 11 months of operations.
in Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
as a Shari’a compliant insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
(Takaful
Takaful
Takaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
) company to support the growing needs of the UAE and the GCC
Cooperation Council for the Arab States of the Gulf
The Cooperation Council for the Arab States of the Gulf , also known as the Gulf Cooperation Council , is a political and economic union of the Arab states bordering the Persian Gulf and constituting the Arabian Peninsula, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates...
economies. The company offers a range of personal and commercial insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
(Takaful
Takaful
Takaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
) products with an emphasis on personalized services. The products and services are governed by a Shari’a Board composed of leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Takaful is a subsidiary of Noor Investment Group and sister company of Noor Islamic Bank
Noor Islamic Bank
Noor Islamic Bank was established in 2006 in Dubai, and is a Shari’a compliant commercial bank, owned by Emirates Investment Authority and Noor Investment Group LLC. It has a paid-up capital of USD 1 billion...
Noor Takaful holds the distinction of being awarded the 'Best Takaful Operator' by the CPI Financial 'Islamic Business Awards' after just 11 months of operations.
Corporate Structure
Noor Takaful has been set up as two separate entities, Noor Takaful Family PJSC, and Noor Takaful General PJSC but offers its products and services under the common brand of Noor Takaful.Ownership
Both Noor Takaful Family PJSC and Noor Takaful General PJSC are owned by- 90% - Noor Investment Group LLC
- 10% - Noor Islamic BankNoor Islamic BankNoor Islamic Bank was established in 2006 in Dubai, and is a Shari’a compliant commercial bank, owned by Emirates Investment Authority and Noor Investment Group LLC. It has a paid-up capital of USD 1 billion...
PJSC
Board of directors
- H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman
- Mr. Soud Baalawy, Vice Chairman
- Mr. Hussain AlQemzi, Group Chief Executive Officer
- Dr. Ahmed Al Janahi
Fatwa and Shari’a Supervisory Board
- Dr. Mohamed Ali Elgari Chairman
- Dr. Abdul Sattar Abu Ghuddah Vice Chairman
- Dr. Mohamad Daud Bakar
- Dr. Mohammad Abdulrahim Sultan Al Olama
Senior Management
- Mr. Hussain AlQemzi, Group CEO
- Dr. Ahmed Al Janahi, Managing Director
Milestones
- January 2009: Noor Takaful (Noor Takaful General) obtains license from the UAE Insurance Authority
- January 2009: Noor Takaful issues its first insuranceInsuranceIn law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
(Takaful) certificate - January 2009: Noor Takaful establishes its head office at Business Central Towers (DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
) - January 2009: H.H. Sheikh Ahmed bin Saeed Al Maktoum officially launches Noor Takaful
- April 2009: Noor Takaful launches its first advertising campaign for promoting travel, motor, medical and marine takafulTakafulTakaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
products with the tag line ‘Because you never know what life has in store’ - April 2009: Noor Takaful conducts its first joint road show with its sister company, Noor Islamic bankNoor Islamic BankNoor Islamic Bank was established in 2006 in Dubai, and is a Shari’a compliant commercial bank, owned by Emirates Investment Authority and Noor Investment Group LLC. It has a paid-up capital of USD 1 billion...
at the Mall of the EmiratesMall of the EmiratesThe Mall of the Emirates is a shopping mall in the Al Barsha district of Dubai, United Arab Emirates. It was developed by Majid Al Futtaim Properties under the leadership of its CEO, Peter Walichnowski, who was also the developer of "Bluewater" near London, Europe's most successful shopping mall....
, DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi... - April 2009: Noor Takaful sponsors the World Takaful Conference 2009
- June 2009: Noor Takaful launches Noor Travel TakafulTakafulTakaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
and Individual Medical TakafulTakafulTakaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
products - June 2009: Noor Takaful sponsors Pakistan vs Australia Twenty20Twenty20Twenty20 is a form of cricket, originally introduced in England for professional inter-county competition by the England and Wales Cricket Board , in 2003. A Twenty20 game involves two teams, each has a single innings, batting for a maximum of 20 overs. Twenty20 cricket is also known as T20 cricket...
cricket matches - July 2009: Noor Takaful launches its Marine Cargo and Marine Hull TakafulTakafulTakaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
products - September 2009: Noor Takaful jointly sponsors the ramadanRamadanRamadan is the ninth month of the Islamic calendar, which lasts 29 or 30 days. It is the Islamic month of fasting, in which participating Muslims refrain from eating, drinking, smoking and sex during daylight hours and is intended to teach Muslims about patience, spirituality, humility and...
prayer timetable in the Al Emarat Al Youm newspaper with its sister company Noor Islamic BankNoor Islamic BankNoor Islamic Bank was established in 2006 in Dubai, and is a Shari’a compliant commercial bank, owned by Emirates Investment Authority and Noor Investment Group LLC. It has a paid-up capital of USD 1 billion...
. - October 2009: Noor Takaful Launches etakaful and becomes the first online TakafulTakafulTakaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
operator in the GCCCooperation Council for the Arab States of the GulfThe Cooperation Council for the Arab States of the Gulf , also known as the Gulf Cooperation Council , is a political and economic union of the Arab states bordering the Persian Gulf and constituting the Arabian Peninsula, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates... - October 2009: Noor Takaful Launches motor insurance campaign deployed over an integrated media platform
- October 2009: Noor Takaful jointly sponsors Leaders in Dubai 2009 with Noor Islamic BankNoor Islamic BankNoor Islamic Bank was established in 2006 in Dubai, and is a Shari’a compliant commercial bank, owned by Emirates Investment Authority and Noor Investment Group LLC. It has a paid-up capital of USD 1 billion...
- October 2009: Noor Takaful sponsors Pakistan vs New Zealand Twenty20Twenty20Twenty20 is a form of cricket, originally introduced in England for professional inter-county competition by the England and Wales Cricket Board , in 2003. A Twenty20 game involves two teams, each has a single innings, batting for a maximum of 20 overs. Twenty20 cricket is also known as T20 cricket...
cricket matches - November 2009: NT Launches new corporate website to support etakaful
- November 2009: NT motor and travel insurance now available online
- December 2009: Awarded Best Takaful Operator 2009 by 'Islamic Business Awards' held CPI Financial
Awards
| Award Year | Award By | Award Title |
|---|---|---|
| 2009 | CPI Financial Islamic Business Awards 2009 | Best Takaful Operator |