Introduction to Noor Bank Travel Insurance in UAE
Noor Bank (formerly Noor Islamic Bank) was established in January 2008 in Dubai. Noor Takaful is a subsidiary of Noor Investment Group and sister Company of Noor Bank. Noor Takaful was opened on 7 January 2009 in Dubai as a Shari’a compliant insurance (Takaful) company. It offers a wide range of personal and commercial insurance products with focus on customized services. The products and services are governed by a Shari’a Board comprising Islamic scholars in legal and financial issues.
Noor Takaful’s business model is founded on the Shari’a principles of wakalah. Noor Takaful acts as an agent (wakeel) in managing takaful operations on behalf of participants. Noor Takaful is entitled to a fee (wakalah fee) which is deducted as a percentage of contributions paid by participants. All administration and management expenses are paid from this wakalah fee. Noor Takaful was recognised as the ‘Best Takaful Company UAE’ at the International Takaful Summit in 2014.
Noor Travel Insurance
A vacation needs to be devoid of any untoward incidents such as medical emergencies, luggage delays and cancelled flights. Noor Takaful travel insurance ensures that your vacations are truly relaxing without any stress. A portion of the takaful contribution paid by participants is charged as wakalah fee by Noor Takaful for operational expenses. According to the Fatwa and Shari’a Supervisory Board, the wakalah fee may not exceed 30 per cent of the total takaful contribution. What’s more, all funds are invested in Shari’a compliant avenues while the ratio of profit sharing (investment between participants and Noor Takaful) will be stated in the takaful certificate or policy contract.
Features and Benefits of Noor Bank Travel Insurance
Noor Takaful provides two kinds of travel insurance as listed below:
- Travel Gold
Covers medical and travel expenses during traveling.
- Travel Schengen
Offers minimum cover against any untoward incidents while traveling.
- The Noor Takaful brand aims to provide high quality services through state-of-the-art channels supported by ‘A’ rated retakaful partners
- Sharia’ compliancy which is the foundation of the banking operations.
Why choose the Noor Takaful plan?
Noor Takaful is committed to making pioneering contributions to the Takaful sector in the Middle East. Its strengths are its contemporary approach to Islamic insurance leading to a wide range of innovative products and services for its customers, such as Motor Takaful, Travel Takaful, Medical Takaful, Personal Takaful and Commercial Takaful supported by the GCC’s first e-Takaful service which offers instant quotes in addition to online payment facilities.
Other products offered by Noor Bank in UAE are:
Frequently Asked Questions - FAQs
What are the kinds of plans provided by Noor Takaful?
2. What is the main highlight of Noor Takaful?
Travel Gold (covers medical and travel expenses) and Travel Schengen (Offers minimum cover for any untoward incidents while traveling)
It has an independent Fatwa and Supervisory Board, consisting of leading Islamic scholars with expertise in legal, financial and banking operations.