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Nexus expands into Qatar and launches Takaful product

Nexus, one of the largest IFA firms in the Middle East, has opened a Qatar office following regulatory approval from the Financial Centre Regulatory Authority.

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Nexus, one of the largest IFA firms in the Middle East, has opened a Qatar office following regulatory approval from the Financial Centre Regulatory Authority.

The development comes as the company, formerly the Middle Eastern distribution arm of insurer Zurich, rolls out a Takaful insurance product for firms designed to provide coverage against a range of business risks.

The Business Protector product, which has been developed in partnership with Dubai’s Salama Islamic Arab Insurance Company, includes cover for property, interruption to business, employee compensation, among a number of other areas.

Mahmoud Nodjoumi, chief executive of Nexus, said: “[Business Protector] is part of our joint efforts to accelerate the development of Takaful and insurance solutions and expand the services that we provide to our clients. The prospects for increasing the insurance penetration rate in the regional economies are clearly positive; and with the market reach and operational sophistication of the product, we are confident that the single, comprehensive Business Protector policy will help regional businesses function seamlessly.”
 

Rafiq Halani, general Manager – general and health at Salama, said the policy, which provides cover ranging from AED 500,000 to 30m, provided comprehensive cover.
“What makes the Business Protector a complete plan is that it covers the entire gamut of insurance requirements across various sectors – from media to industrial to food and beverages,” he noted.

Qatar
Nexus’s new Qatar office, based in the financial centre of the Emirate’s capital Doha, builds on a Middle Eastern presence covering Dubai, Sharjah, Abu Dhabi and the Kingdom of Bahrain.

Nodjoumi said there was a growing need, among companies and individuals, for independent and transparent financial advice.

“Our authorised advisors will be able to help individuals and businesses to accumulate and protect their wealth,” he added. Nexus is, however, only licensed to provide advice on insurance products, both investment and protection-based.

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