Posted on Jul 07, 2010 by Sergio Ulloa
Furthering their strategic alliance in the Middle East, Standard Chartered and Allianz Takaful have signed a five year agreement to sell Allianz Takaful's insurance products through Standard Chartered Bank in Qatar.
In April this year, the two companies came to an agreement over selling Standard Chartered SME business insurance products through Allianz Takaful in Bahrain
, and the new deal in Qatar serves to strengthen ties between the two regional allies. The five-year agreement will see Standard Chartered Bank promoting and selling Allianz Takaful life insurance products through their Bancassurance distributions channels.
The Allianz Takaful products which are now available throughout Standard Chartered's branches in Qatar include protection plans, investment and savings plans, as well as child education insurance. The Chairman of Allianz Takaful, Abdulrahman Khalil Tolefat, said that "Customers can avail the services at Standard Chartered Bank's relationship managers to tailor make Allianz Takaful products to suit their specific insurance requirements."
Chief Executive Officer of Standard Chartered Bank Qatar
, David Godwin said "Allianz is a major global financial services provider and we are pleased to associate with the group's subsidiary in the Middle East. By working in collaboration with third party expertise, we are able to broaden our portfolio of products with a best-in-class offer to address the whole range of our customers' financial well-being objectives. Additionally, the general insurance services fit well as one of the wealth protection tools that complement the bank's overall wealth management solutions."
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.
Standard Chartered Bank Qatar
Standard Chartered Bank first opened a branch office in Qatar in 1950, making it the oldest foreign bank in Qatar. It operates 3 branches and 6 ATM machines in the country, employing 167 employees from 30 different countries. Their two core divisions of Wholesale and Consumer Banking have given them a 27% market share in Qatar.