Wednesday 21, April 2010 by
Methaq offers first ever SME Takaful
The insurance package is already Shari’ah approved and authorised by the relevant industry regulators to be offered to commercial businesses. The package—which covers a variety of areas including property, business interruption, fidelity guarantee, legal liability and personal accident—is part of a series of products recently rolled out by Methaq including marine cargo, motor fleet and satellite insurance.
Abdullah Al Maamarri, Managing Director of Methaq Takaful insurance company, said that the package has been in development for some time in recognition of the important role SMEs play in spurring economic growth. “The ambition of the individual needs to be encouraged on all fronts as we move into a new era of globalization and digital technology,” said Al Maamarri. “SMEs need to be able to take risks in the market and spur economic innovation, and we are here to support them by providing customized, reliable Shariah-compliant insurance solutions.”
The Abu Dhabi Council for Economic Development (ADCED) recently stressed that support to small and medium-sized enterprises (SME) should be prioritised in order to counter the consequences of the global financial crisis on the UAE economy. According to ADCED, SMEs in the UAE are the backbone of the country’s economy due to their dominance of anywhere between 85 per cent and 95 per cent of the UAE's total businesses sector.