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Salama, Ajman Bank establish strategic partnership

Salama, Islamic Arab Insurance Company (Salama), the first Takaful insurer in the Middle East, and Ajman Bank have entered into a strategic partnership to provide Takaful solutions to Ajman Bank customers.

The partnership will integrate Salama’s Takaful solutions into Ajman Bank’s customer proposition, beginning with Property All Risk cover for Home Finance customers. 

The relationship also creates an opportunity for the two organisations to explore further collaboration across Ajman Bank’s Personal Banking, Business Finance and Wealth businesses.

Strengthening distribution

For Salama, the partnership supports its strategy of strengthening distribution through selected commercial partnerships and expanding access to its Takaful solutions. For Ajman Bank, the collaboration broadens the range of protection and financial planning solutions that can be made available to customers as their needs evolve.

Mohamed Ali Bouabane, Group Chief Executive Officer of Salama, said: “Our partnership with Ajman Bank provides an important new channel through which Salama can deliver relevant Takaful solutions to customers. We are beginning with Home Finance, where protection is closely aligned with a clear customer need, while establishing a strong foundation to broaden the relationship over time. This partnership reflects our continued focus on strengthening distribution, responding to customer needs and pursuing disciplined, sustainable growth.”

Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, said: “Our role is to support customers through important financial decisions, and home ownership is among the most significant. Integrating appropriate Takaful protection into our Home Finance proposition provides customers with greater confidence and protection around an important asset. Salama’s longstanding experience and heritage in Takaful make it a natural partner for this offering.”

The Home Finance proposition will represent the first phase of the partnership. Salama and Ajman Bank will continue to assess opportunities to introduce additional Takaful solutions and serve broader customer segments as the relationship develops.