Sukoon Takaful and Ajman Bank have signed a memorandum of understanding to broaden customer access to Sharia-compliant Takaful products, combining the bank's distribution network with the insurer's product development capabilities.
The partnership will deliver tailored protection and financial planning solutions to Ajman Bank's customer base within a fully Sharia-compliant framework, while strengthening Sukoon Takaful's regional market presence.
The deal follows a strong first half for Sukoon, which reported a 39% profit jump as gross written premiums reached AED 3.8 billion. Ajman Bank has been equally active in forging strategic alliances, having recently partnered with National Bonds on financial inclusion and priced its debut USD 300 million AT1 sukuk at 6.5%. The agreement reflects a broader industry trend of Islamic banks and takaful operators deepening distribution ties to meet rising consumer demand for faith-aligned financial products across the UAE.
Gulf Economist Staff Writer