National Bonds Launches ‘Sanadi' Savings Program to Provide Comprehensive Sharia-compliant Personal Takaful Insurance Cover

Al-Ali: Only 20 out of every 200 individuals in the UAE have takaful-based coverage

Dubai-UAE: 24 April 2016 - National Bonds Corporation, the leading sharia-compliant savings and investments’ company in the UAE, has announced the launch of ‘Sanadi’, a takaful-based savings program that provides sharia-compliant takaful insurance cover to customers in association with a strategic takaful partner. 
The Sanadi program provides coverage of up to 100% of the monthly salary, as well as protection for job loss, loss of life, permanent disability, critical illness and terminal illness. In addition, the program extends hospital cash benefits and cover for a second medical opinion.  

Protection for job loss covers up to six monthly salaries, while protection against death, permanent disability and terminal illnesses covers up to 60 monthly salaries. Coverage for critical illnesses is provided for up to seven medical conditions over a maximum period of 24 months, along with provision for a second medical opinion and hospital cash benefits. 

Furthermore, the Sanadi plan offers a chance to earn annual returns and win rewards on savings that can reach up to AED1 million as part of the National Bonds rewards program.

Commenting on the new savings scheme, Mohammed Qasim Al-Ali, CEO of National Bonds, said: “In order to continue supporting our customers and providing them and their families with financial security and a better future, we have designed the Sanadi program as an integrated savings plan that helps customers to effectively handle challenges that may impact their well-being.”

He added: “For our product design, we use accurate studies about individuals’ financial needs in the UAE and the concerns and challenges that might hinder them from attaining their financial goals. The 2015 National Bonds Savings Index revealed an increase in concerns for most people in the UAE and the GCC region with regard to losing jobs in an unstable global economic environment. Such insights help us utilize our expertise in creating sharia-compliant savings programs that suit every budget and provide financial security to all segments of society.

“The results of the Takaful Index that was included as part of our 2015 Savings Index indicate that only 20 out of every 200 individuals in the UAE enjoy takaful-based coverage. The survey clearly evidenced that we need greater awareness about the importance of takaful-based cover and sharia-compliant offerings to prepare ourselves for contingencies.”

Al-Ali said: “The Sanadi program is a win-win as it rewards customers who save regularly while also offering them a tailor-made takaful insurance cover for a better future. The program addresses concerns about the challenges faced by companies in the GCC region with regard to securing end-of-service payments that are expected to reach US$75 billion by 2020, according to the Towers Watson 2010 Report. This is why the Sanadi program provides real support in terms of financial planning to all employees.”

The launch of the Sanadi program coincides with the 10th anniversary of National Bonds in its journey of instilling a culture of regular saving in the UAE and attracting members of all social segments to utilize its sharia-compliant savings products.