Apr
28
Standard Chartered Bahrain to offer insurance for SMEs through Allianz Takaful
By Ben | Published April 28, 2010
Standard Chartered Bank Bahrain is expanding its offerings targeted at Small and Medium Enterprises (SMEs) by rolling out new insurance products and services through their strategic partner in the region, Allianz Takaful.
The business centric products include office insurance, key person insurance (also known as key man insurance or keyman insurance), group health insurance, as well as corporate savings and pension schemes. Products such as office insurance and key person insurance are designed to protect a business’ assets, financial, human or otherwise, while group health insurance and pension schemes both act as a way to ensure the long term health and wellbeing of staff as well as a perk to help recruit and retain quality staff.
By specifically aiming their new products and services at companies and corporations, business owners, and professionals in Bahrain, Standard Chartered and strategic partner Allianz Takaful are not only trying to open new business avenues, but also providing tools that will help SMEs expand their businesses while managing business risks.
Standard Chartered’s Regional Head of Consumer Banking for the Northern Gulf, Levant and Oman, B. Chandrasekhar said that the “SME sector is one of the key contributors to country’s economic growth and has significant future growth potential therefore we are pleased to be partnering Allianz Takaful, a major global financial services provider with best in class product offerings. As the first Bank in Bahrain, celebrating 90 years this year, the launch reinforces the Bank’s continuous commitment especially to the SME segment in the Kingdom while focusing on the encouragement to SME players for further achievement. Our international network of presence in over 70 countries gives us a distinct advantage to assist the SMEs in Bahrain go global. This, we believe, will go a long way in ensuring we have here for our customer’s successful business growth and expansion.”
Companies Mentioned:
Standard Chartered Bank Bahrain
Standard Chartered Bank Bahrain was the first bank in Bahrain, having been set up there in 1920. Over the years it has grown to the point where it now has the most extensive network among foreign international banks with 5 branch offices and 1 sales center in the country. Standard Chartered Bank Bahrain is the Bahraini branch of Standard Chartered Bank PLC which was established after a merging of the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China, which were both founded in the mid 1800s.
Allianz Takaful
A fully owned subsidiary of the Allianz Group, Allianz Takaful was established in March 2009 and is headquartered in Bahrain. Allianz Takaful is the Allianz group’s first foray into the Gulf Cooperation Council or GCC, and offers Shariah-compliant products and services.
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