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15/06/2008 - SALAMA joins hands with Oasis Crescent to Provide the public with convenient and affordable access to Sharia'ah compliant funds

Aiming to spread Shari’ah compliant insurance on one side and on presenting open ended, unit linked funds on the other, SALAMA Islamic Arab Insurance Company, the world's largest Takaful and Re-Takaful Group joins hands with Oasis Crescent, the winner of the Best Global Equity Fund. SALAMA presents an assembly of diverse Shari’ah compliant unit linked insurance products to it’s discerning clients and the funds of Oasis Crescent can be accessed through these products for as little as AED 200 per month.

Commenting on this strategic tie up, Mr. Noel D’Mello, the Head of Family Takaful, SALAMA, said, “SALAMA has entered into several strategic tie ups with eminent Islamic Fund Management companies and distributor alliance to spread Shari’ah compliant savings and insurance products within the UAE. We are particularly pleased to have entered into collaboration with Oasis Crescent to allow the public to have access to the funds from this award winning Fund Management Company through our products.”

Mr. Parvaiz Siddiq, General Manager SALAMA on this occasion commented “SALAMA has always endeavored to make quality and affordable Takaful solutions accessible to the people of the UAE with the distinct purpose of spreading Shari’ah compliant insurance solutions in the country. Our tie-up with Oasis Crescent is one more step in this direction.”

Being part of Oasis Group, the holders of the Best Global Equity Fund award for three years, Oasis Crescent was created to provide financial products and services to cater for the needs of investors looking for long term capital growth and a high level of asset protection.

From his side Mr. Usman Butt, Group Executive, Regulatory & Compliance, Oasis Group Holdings (Pty) Limited said: “We are proud to have this alliance with SALAMA the largest Takaful and Re-Takaful player in the region. This will further assert the religious, cultural and ethical beliefs of our organization through the spread of the Shari’ah compliant insurance and investment solutions in the country and provide our clients with protection plans that abide by the Shari’ah.”

SALAMA will be able to provide its customers open ended, unit linked Shari’ah compliant funds through regular savings and protection plans with the minimum contribution of 200 AED per month, thereby offering an extensive range of funds diversified by asset class and geography.

About SALAMA Islamic Arab Insurance Company

SALAMA Islamic Arab Insurance Company embarked from Dubai on its quest for expansion through acquisitions and participation in a number of Takaful and Re-Takaful companies in many Arab and Islamic countries. Today SALAMA is the largest Takaful and Re-Takaful Group in the world with a capital of AED1.1 billion. Its financial strength can be gauged by “A-” rating that it received from AM Best and “BBB+” by S&P. Among the prominent subsidiaries of SALAMA, is the wholly owned Tunisia-based BEST Re serving customers in more than 70 countries around the globe. SALAMA is also a founder and the largest shareholder in Saudi IAIC for Cooperative Insurance.


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