Category Archives: Takaful

FWU Group receives award for Best Takaful Operator 2007

FWU Group has been awarded Best Takaful Operator at The Islamic Business and Finance Awards 2007 Ceremony held recently by CPI Financial.

Munich-based company received the Award for its excellence in providing its technology solutions, product expertise and global experience in administering the distribution of Takaful products through various local, regional, and international business partnerships.

The prestigious event, which took place at The Godolphin Ballroom at The Emirates Towers in Dubai, was attended by a host of highly influential guests representing the most prominent Islamic banking, finance, and investment institutions from around the world. Dr. Manfred J. Dirrheimer, CEO and Founder of FWU Group, accepted the Award for the Group.

Mr. Abdul Hadi Shayif, Chairman of the International Advisory Board for FWU Group, was also present during the ceremony, as well as a number of senior guests representing some of the Group’s partner companies from across the industry.

‘We are very proud of the Award for Best Takaful Operator. It is truly gratifying and represents another milestone achievement for the Group,’ said Dr. Dirrheimer, who flew in from Munich to attend the evening. He added, ‘We would like to thank our partners, both Takaful companies and distributors, who have contributed immensely to our success with their dedication and cooperation in the rapidly growing Islamic finance industry.’

The Group has registered phenomenal growth in the region, securing a multitude of agreements with leading financial and Takaful insurance establishments in the UAE, Saudi Arabia, Kuwait, Malaysia and Pakistan. Through these agreements, FWU’s banking partners would be able to offer Unit-Linked Family Takaful and Savings plans and related products to their customers.

‘Our teams have made admirable efforts to ensure that FWU Group provides its partner companies and establishments with the most professional and experienced service and knowledge to offer their customers a truly profitable investment within the guidelines of Islamic Shari’ah,’ said Mr. Nicholas Owen, Partner & Member of the FWU International Executive Board, who is based in the Group’s Regional Headquarters office in Dubai Internet City.

FWU Group has also received 3 other prestigious awards in 2007, including the EUROMONEY 2007 Islamic Finance Awards in the category ‘Best Life Takaful Provider’, the World Finance 2007 Award in the category ‘Takaful Life and General’, and the Globexa Communications 2007 ‘Financial Bridges Award for Best Islamic Finance Organization.’ The Islamic Business and Finance Award is yet another recognition of the Group’s exceptional performance in the industry.

The Islamic Business & Finance Awards 2007 are administered by CPI Financial, which publishes a number of authoritative magazines on the global finance industry, such as Banker Middle East, Private Equity & Hedge Funds and Islamic Business & Finance. The IB&F Awards recognize exceptional performers in various sectors of the Islamic Business and Finance industry around the world. Winners are voted for by the readers of Islamic Business & Finance Magazine from a list of nominations by a panel of rating and consulting firms, based on their performance over the last twelve months.

Globally, Takaful – insurance that is compliant with key Islamic Shari’ah tenants and based on the concept of collective insurance – is currently estimated to be a US$2.3 billion market, with the Middle East region accounting for 46 percent of total sales, according to the Bahrain Insurance Association.