YAS Takaful Company Profile

Background

YAS Takaful, formerly known as Al Hilal Takaful, was established in 2008 and rebranded in 2020. The company's name, "YAS," pays homage to the esteemed Bani YAS Tribe of the United Arab Emirates, reflecting its commitment to mutuality and cooperation inherent in Takaful insurance.

Vision: "Reimagining Islamic Insurance for All."

Mission: "Inspire our community with a commitment to provide Islamic insurance solutions through digital innovation."

YAS Takaful specializes in Shariah-compliant insurance solutions, offering a comprehensive range of products tailored to meet the diverse needs of individuals and businesses. The company emphasizes customization, flexibility, and innovation, ensuring that its offerings align with clients' values and requirements.

Key Strategic Focus

YAS Takaful's strategic focus centers on:

• Digital Innovation: Leveraging advanced technology to enhance product delivery and customer experience.

• Customer-Centric Approach: Prioritizing the protection and well-being of clients through tailored insurance solutions.

• Comprehensive Product Range: Offering a variety of Takaful products, including motor, medical, travel, property, and cyber insurance.

• Shariah Compliance: Ensuring all products adhere to Islamic principles, promoting ethical and fair practices.

Financials and Funding

Specific financial details and funding history for YAS Takaful are not publicly disclosed. However, the company's acquisition in 2020 and subsequent rebranding indicate a strategic investment aimed at strengthening its market position and expanding its product offerings.

Pipeline Development

YAS Takaful continuously enhances its product portfolio to meet evolving customer needs. Recent developments include:

• Motor Takaful Plans: Partnering with Shory Insurance Brokers to offer motor Takaful plans through digital platforms, facilitating easy access and purchase for clients.

• Expansion of Offerings: Plans to introduce additional Takaful products, such as home, travel, and medical insurance, through digital channels.

Technological Platform and Innovation

YAS Takaful distinguishes itself through:

• Digital Transformation: Implementing cutting-edge technology to streamline processes and enhance customer experience.

• Online Platforms: Collaborating with digital insurance brokers like Shory to provide seamless online access to Takaful products.

• Customer Engagement: Utilizing digital tools to offer personalized insurance solutions and efficient claims processing.

Leadership Team

Board Members:

• Mr. Rashed Khalaf Al Otaiba: Board Member

• Mr. Saad Al Junaibi: Board Member

• Mr. Muhammad Rusan Fyroze: Board Member

• Mr. Bikash Ranjan Giri: Board Member

• Mr. Badr Elsayed: Board Secretary

Executive Team:

• Mr. Shehan Feisal: Chief Executive Officer

• Mr. Abdulla Ahmed Al Otaiba: Chief Operating Officer

• Mr. Mahmood Salamaeh: Chief Sales Officer

• Mr. Saad Jawaid: Chief Governance Officer

• Mr. Ali Abedi: Chief Information Officer

• Mr. Chintin Barot: Head of Commercial Underwriting & Reinsurance

• Mr. Arsalan Siddiqui: Head of Medical Underwriting & Operations

• Mr. Gamal Fouly: Head of Legal

• Mr. Muhammed Kashif: Head of Operations

• Ms. Zara Sohail: Senior Manager Human Resources

Shariah Committee Members:

• Dr. Ali Al Junaidi: Chairman of the Committee

• Dr. Amin Fatih: Member

• Mr. Abdul Sattar Al Qattan: Member

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within YAS Takaful's leadership team.

Competitor Profile

Market Insights and Dynamics:

The Takaful industry in the UAE is experiencing growth, driven by increasing demand for Shariah-compliant insurance products and digital transformation initiatives. The market is characterized by a competitive landscape with several key players offering a range of Takaful solutions.

Competitor Analysis:

• Takaful Emarat: Established in 2008, Takaful Emarat offers life and health Takaful products. The company focuses on providing innovative and customer-centric solutions.

• Prudential BSN Takaful (PruBSN): A joint venture between Bank Simpanan Nasional and Prudential plc, PruBSN is a leading Takaful provider in Malaysia, offering family and general Takaful products.

Strategic Collaborations and Partnerships

YAS Takaful has formed strategic partnerships to enhance its market reach and product offerings:

• Shory Insurance Brokers: In October 2024, YAS Takaful partnered with Shory to distribute motor Takaful plans through Shory's digital platforms, with plans to expand to other products like home, travel, and medical insurance.

Operational Insights

YAS Takaful's strategic considerations include:

• Digital Distribution Channels: Collaborating with digital platforms to reach a broader customer base and streamline the purchasing process.

• Product Diversification: Continuously expanding its product portfolio to cater to diverse customer needs.

• Customer Experience: Emphasizing personalized and efficient service to differentiate itself in a competitive market.

Strategic Opportunities and Future Directions

YAS Takaful aims to:

• Expand Digital Presence: Further develop its digital platforms to enhance customer engagement and accessibility.

• Innovate Product Offerings: Introduce new Takaful products tailored to emerging market demands.

• Strengthen Partnerships: Build strategic alliances to leverage synergies and expand market reach.

Contact Information

For more information, visit YAS Takaful's official website: www.yastakaful.ae