IslamicFinance.de

Al Hilal Takaful has signed a distribution agreement in Abu Dhabi with Euler Hermes, specialized in trade credit insurance. The agreement was forged recently at Al Bahr Towers, Al Hilal Bank’s headquarters in Abu Dhabi, during a special ceremony attended by Euler Hermes’ Regional Board. The partnership will enable Al Hilal Bank’s Abu Dhabi customers to take advantage of a broad range of trade credit insurance solutions for the management of business-to-business trade receivables offered by Euler Hermes.

Al Hilal Takaful, the takaful insurance subsidiary of Al Hilal Bank, has signed a distribution agreement in Abu Dhabi with Euler Hermes, a trade credit insurance provider. The agreement was forged recently at Al Bahr Towers, Al Hilal Bank’s headquarters in Abu Dhabi, during a special ceremony attended by Euler Hermes’ Regional Board. The partnership will enable Al Hilal Bank’s Abu Dhabi customers to take advantage of a broad range of trade credit insurance solutions for the management of business-to-business trade receivables offered by Euler Hermes. Al Hilal Bank will leverage Euler Hermes’ offerings to help its corporate clients address local and global economic challenges and manage their trade receivables and worldwide expansion.

Al Hilal Takaful, the insurance subsidiary of Al Hilal Bank, signed a distribution agreement in Abu Dhabi with Euler Hermes, a trade credit insurance company. The collaboration is expected to position Al Hilal to deliver better credit insurance solutions, and secure a stronger position in the takaful market. It will also allow Euler Hermes to enhance its presence in Abu Dhabi. The partnership allows Al Hilal Bank’s Abu Dhabi customers access to a range of trade credit insurance solutions for business-to-business trade receivables offered by Euler Hermes.

The spread of Islamic trade finance is boosting demand for Shariah-compliant reinsurance in the Gulf, trade credit insurer Euler Hermes says, predicting the sector could eventually account for over a third of its business in the region. Euler Hermes, part of Germany’s Allianz insurance group, is involved in the business because it is one of the region’s biggest trade credit insurers. The company launched a Shariah-compliant trade credit insurance product in 2008 and the business began growing substantially three years ago, now accounting for about 10% of Euler Hermes’ total GCC business. Euler Hermes’ GCC operations had total turnover exceeding $40mn last year, and exposure to its clients of more than $12bn.