Dubai Islamic General Insurance
Dubai Islamic Insurance & Reinsurance Company (AMAN) is a public shareholding organization. The company was founded in the year 2002 (second quarter). The founding members of Dubai Islamic Insurance consist of the Dubai Islamic Bank and The Investment Office with a number of shareholders. The main aim of this company is to provide a comprehensive Islamic Insurance services.
The company works according to the Shariah guidelines in the supervision of Shariah Supervisory Board and Fatwa. The members of these two organizations specialize in Shariah transactions and Islamic economics.
Dubai Islamic Insurance & Reinsurance Company Products Portfolio:
To help an organization and an individual in meeting their financial goals, the company offers a vast range of insurance products:
Plans Under Takaful
General Accident Insurance
Life and Medical
Group Family Takaful
Home Finance Family Takaful
Credit Family Takaful
A brief description of these insurance products offered by Dubai Islamic Insurance is given below:
In order to meet the demands of the car owners from a car insurance policy, Dubai Islamic Insurance Company introduces motor insurance plan. The comprehensive coverage of this policy protects an insured car against various unexpected situations that can occur while driving. The inclusions of Dubai Islamic Car Insurance policy are:
Motor Insurance Inclusions:
- Provides cover against damage, loss, and third-party liability
- Third-party liability fleet is also covered.
- Third-party liability is covered.
- Covers machinery (MD) and marine hull.
Dubai Islamic Insurance provides an extensive range of fire insurance policies that not only protect against fire but other natural disasters also. Other natural calamities that are covered in this policy are – storm, flood, earthquake, and other atmospheric disruptions and risks like burglary, etc.
Fire Insurance Policies:
- Fire and Allied Perils: For properties that are immovable, such as buildings.
- Fire and Allied Perils including Burglary: For both movable and immovable properties.
- Property All Risk Insurance: A comprehensive policy for both immovable and movable properties.
For Industrial or Commercial Purposes:
- Fire and Allied Perils: Covers only immovable properties like building.
- Fire and Allied Perils including Burglary: Covers both immovable and movable properties.
- Property All Risk Insurance: A comprehensive insurance policy for both immovable and movable products.
- Loss of Profit after Fire: Covers both movable and immovable properties.
Due to large growth in commercial, trade, and industrial sector, the requirement of engineering insurance has increased considerably. Therefore, to protect industries like real estate, contracting, and other organizations under engineering insurance policy, Dubai Islamic Insurance Company offers the below-mentioned products:
Engineering Insurance Policies:
- Contractor’s All Risk Insurance
- Machinery Breakdown Insurance
- Erection All Risk Insurance
- Electronic Equipment insurance
- Deterioration of Stock Insurance
- Contractors Plants or Equipment Insurance
- Machinery All Risk Insurance
- Loss of Profit Following Machinery Breakdown Insurance
General Accident Insurance:
The general accident policies of Dubai Islamic Insurance cover the risks that are indisputable and are a continuous threat to most of the human societies. In this way, General Accident Policies have a wide array. Any insurance requirement for which there is no specific policy is covered comes under this class of insurance. Some of the common insurances that are covered under this policy are for the UAE market are:
General Accident Policies:
- All Risk Insurance
- Travel Insurance
- Loss of Money
- Plate Glass Insurance
- Fidelity Guarantee Insurance
- Bankers Blanket Bond
- Group Personal Accident Insurance
Additionally, there are some special insurance plans also available under this policy:
- Jewelers Block Insurance Policy
- Performance Bond
- Credit Insurance
- Hotel Operator’s Comprehensive Insurance
- Householder’s Comprehensive Insurance
- Credit Card Package includes:
- Travel Insurance
- Personal Accident
- Purchase Protection
Traders, industrialists, and commercial operators are exposed to the liabilities coming out of the nature of their business in the business premises only. Furthermore, the liabilities can be against the compensation to some third party. Therefore, to protect these businesses against the third party and various other responsibilities, Dubai Islamic Insurance offers the below-mentioned policies. These policies are according to the activity and trade of business:
- Third Party Liability – Premises Risk
- General Third Party Liability with Liability of the Product
- Professional Indemnity
- Workmen’s Compensation Insurance
- Annual professional Indemnity for Engineers and Consultants
- Directors’ and Officers’ Liability Insurance
- Project Professional Indemnity for Engineers and Consultants:
- Medical Malpractice Insurance for Individual Doctors / Hospitals
- Professional Indemnity Insurance for Accountants / Lawyers / Surveyors
- Professional Indemnity Insurance for Insurance Brokers
- Events Cancellation & Abandonment Liability
- Product Liability
- Freight Forwarders Liability Insurance
- Ship Repairs Liabilities
- Tour Operators’ Liability Insurance
- Airport Operators’ Liability
Marine and Aviation Insurance:
The Dubai Islamic Insurance Company offers an extensive range of insurances to cover various marine and aviation risks. The expert underwriters of the company and their technical team always ensure to provide good insurance products at an affordable price. The products offered under this insurance policy are:
Marine and Aviation Insurance Policies:
- Marine Cargo Insurance
- Marine Hull Insurance
- Pleasure Crafts and Yachts Insurance
- Freight Forwarder’s Legal Liability Insurance
- Marine Liabilities – Marina Operator’s Legal Liability
- Aviation Insurance
- Shipbuilder’s Liability Insurance
Life & Medical
Group Family Takaful:
It is one of the budget-effective family or group Takaful Policy that offers protection for a specific period of time. For corporates, this plan provides rewarding benefits.
Group Family Takaful Policies:
- Group Family Takaful, Disability, and Personal Accident Cover
- Credit Takaful Cover
Benefits of Group Medical Takaful & Credit Takaful Policies of Dubai Islamic Insurance:
- Low premium rates
- These plans give cover for the entire family and hence provide peace of mind to the breadwinner of the family.
- Protection for key man
- Protection against personal financial obligations
- Home finance cover
- Protection of the partnership
Inclusions of Group Family Takaful:
- Death benefits (occurred because of any reason)
- Permanent total disability caused out of some accident or sickness.
- Permanent partial disability caused out of some accident or sickness.
- Provides accidental death benefits.
- Temporary total disability caused out of some accident or sickness.
- Reimbursement of medical expenses.
- Expenses of repatriation (in case of death only)
- Critical sickness (illness)
Home Finance Family Takaful:
The home finance family policy of Dubai Islamic Insurance offers protection against all outstanding home loans if the insured dies or encounters disability during the tenure of loan payment. The cover amount decreases as the repayment of loan increases regularly throughout the term of the contract until it becomes zero at the time of maturity. The company provides customer care service globally for 24 hours.
Credit Family Takaful:
The inclusions that this policy covers are:
- Protects against the outstanding balance of the personal loan in cases where in the borrower dies or becomes disabled.
- It also protects an insured against outstanding credit card balance in case of disability or death of the borrower.
The Dubai Islamic Insurance Company provides a wide range of medical plans to give excellent coverage at reasonable costs. It also gives the option to customize the health insurance products to meet the requirements of an individual. The fast claim settlement process and tie-ups with the best hospitals, medical centers, and clinics make it one of the best health insurance providers of UAE.
Al Shamel: A health insurance plan for senior executives.
Wiqaya: This plan is designed for companies who want to give health insurance coverage to their exe
Himaya: A plan specifically designed for middle and senior management executives.
Moazara: A plan to offer regional cover within the UAE and across the entire Middle East, India, Pakistan, Bangladesh, Sri Lanka, and the Philippines.
Sanad: This health insurance policy provides cover only with a limit health care providers’ network and provides coverage of AED 50,000/.