Winner: SABB Takaful
SABB Takaful has grown impressively in the past 12 months in Saudi Arabia. Since inception in July 2007, the insurance provider has taken SAR180 million ($48 million) in contributions, with 80% coming from family takaful products.
The group started trading on the Tadawul stock exchange on July 1 2007 and by the end of 2008 it claimed a market capitalization of SAR220 million. It has delivered a return on investment of 110%.
The product that makes SABB stand out from its competitors is the Simple Savings Takaful Plan. This leading product allows clients to save a small amount regularly, while offering protection against unforeseen circumstances. Plan contributions follow two paths. One portion is donated to the Takaful fund to provide protection for participants; the other portion is paid into each customer’s savings account, which in turn is invested in a specifically designed Shariah-compliant balanced investment fund.
SABB Takaful has also opened new sales points for its products. The internet, ATMs, SABB branches and SMS messages have complemented new worksite marketing to increase sales.
By 2012, SABB Takaful believes the takaful market in Saudi Arabia will grow to SAR18 billion from SAR8 billion.
