(Sukuk.net - Khaleej Times) Dubai Bank, a Shariah-compliant bank, has expanded its portfolio of Islamic insurance plans to support customers' education needs, retirement planning and other goals.

The bank announced on Wednesday that it has entered into a strategic alliance with Islamic Arab Insurance Company, known as SALAMA, a Sharia-compliant insurance solutions, or Takaful, provider.

SALAMA will offer Sharia-compliant unit-linked funds to Dubai Bank customers through lump sum investments as well as systematic investment plans.

In addition to the protection benefits provided under the scheme, the plans will also assist the bank's customers to save for short- and long-term needs such as education, retirement planning and others. "Adding a host of Takaful plans from SALAMA will support our customers in realising their personal goals for the long-term financial protection of their families," said Mohamed Amiri, Head of Retail Banking at Dubai Bank.

"Offering these consumer finance solutions, we seek to help our customers meet their financial needs. Strategic partnerships with Sharia-compliant entities are central to our overall growth plans and value addition initiatives."

According to industry experts, the global Takaful industry has grown by 20 to 25 per cent per annum in recent years.

"The current global economic conditions have heightened the need for families to plan prudently for wealth protection and accumulation. SALAMA has specialised in customising systematic investments and savings-linked Takaful plans which provide good value for money to the discerning investor," said Noel D'Mello, General Manager, Family Takaful, SALAMA.

By Abdul Basit
` omar1.1 mfn