Salama Insurance Research Paper Example | Topics and Well Written Essays - 1750 words

Salama Insurance - Research Paper Example The company’s vision is the provision of highest standards Shari’ah-compliant Takaful solutions to customers all around the world. Over the past 33 years, the company’s efforts have enabled it in building a solid reputation for the provision of competitive Takaful solutions of various ranges. The strength and accomplishments of the company are achieved by the competitive strategy of putting more focus on major business areas. According to SALAMA (2012), the insurance paid-up capital is about 330 million USD equivalents to AED1.2 billion. The company is listed in Dubai Financial Market which is abbreviated as IAIC. It is also assigned an excellent performance in its financial strength and issuer credit rating. The Tunis-based operation of the company is the largest in the world, and it operates in about 60 countries. The company deals with issues of individual clients and institutional customers through the global network. Currently, there are about six major Taka ful companies providing their solutions to customers. The six direct Takaful companies are located in Saudi Arabia, UAE, Egypt, Algeria, Jordan, and Senegal. The company aims at expanding its product portfolio through the size of offers and geographical coverage. This will help to increase the company’s footprint around the region and promote catering for the increased technologies, customers’ needs and legal environment change. Securing the future. UAE is currently at the point of delivering the best of West and East; over the years it has been the hub which was allowing Salama insurance to nurture giving it the ability to access global workforce that is able to operate under international standards. Takaful is dealing with the shift in Muslim attitudes on religious grounds. UAE, therefore, acts as a Shari’ah-compliant platform in offering Takaful solutions. While the country develops both economically and socially, it is essential to keep track of the changes occurring since the Muslims in UAE are stressing on getting Shari’ah-compliant goods and services. These need to enable the company in delivering the best of their best to the Muslims. As UAE’s specialized Takaful company, Salama also deals with offering comprehensive policies in insurance ranging from general, health and family solutions to individuals, companies and families. The company has got its unique position thanks to its credibility, good reputation for quality products, operating under high standards of service provision, and having access to Takaful’s best insurance practices. It is also the best in the provision of both qualitative and affordable solutions. As the company expands its customer base, its aim is to be the number one for Takaful solutions and its customers. The company has also made various promises to its customers, for example, in the provision of personalized services, improved customer commitment, and improvement in Shari’ah- compliant products. Current financial conditions in the insurance industry that affect the availability and affordability of insurance products. According to Raja (2009), the UAE economic development has given many developing countries an excellent choice for overseas expansion, globalization, and foreign direct investment. This region is one of the wealthiest and fastest in development in the world. China, for example, is becoming an economic leader and manufacturer on the world perspective since it is famous for its cheap labor workers. The UAE has also increased wealth