Noor Takaful Best Takaful Operator Islamic Business and Finance Awards 2010 Best Takaful Operator FINANCIAL PERFORMANCE In 2009, Noor Takaful embarked on its journey to become Takaful market leaders in the UAE. This mission requires us to deliver product innovation, prudent underwriting and meticulous risk management to our customers through a thorough understanding of their needs. It is our duty to grow the Takaful market by raising awareness and clearly communicating the benefits of Takaful for the family, the society and the economy at large. Upon closing our first year, you will note that we have set a solid platform for growth by carefully investing in our people, systems, and processes. We are well prepared to meet our long-term objectives while maintaining a solid base of risk based capital and shareholder backing. After all, in terms of gross written contributions, we are already in contention to become a top three Takaful player by the end of 2010. Keeping the above objectives in mind, we have ensured that we balance our business development initiatives with a solid system of internal checks and controls. Our strong distribution enables us to deliver value directly to our customers. Our internal controls ensure that we are able to build a secure, sustainable and profitable business for our Takaful participants and our Takaful shareholders alike. We have prepared our business to meet the realities of UAE market opportunities and are confident that despite the challenging reality of the macro environment, we will become a leading Takaful operator by 2014. Noor Takaful Best Takaful Operator And last but not least, we would like to thank all of our customers, employees, distribution partners and re-Takaful and re-insurance companies for their support in helping us to achieve our objectives. INITIATIVES WITHIN THE LAST 12 MONTHS Created to become the preferred Takaful company of the UAE, Noor Takaful Family PJSC and Noor Takaful General PJSC (collectively known as Noor Takaful) were the first two companies in the UAE set up with separate capitals in compliance with the country’s new insurance law. Despite only being launched in January 2009, the brand has become immediately recognisable to consumers following a carefully planned and executed brand building strategy. In December 2009, Noor Takaful was named Best Takaful Operator by Islamic Business & Finance magazine. Noor Takaful continued to be recognised as a leader in Takaful Insurance by winning th Best New Takaful Company and Best Takaful Marketing awarded at the 4 International Takaful Awards 2010. This is further emphasized by Noor Takaful’s ability to offer the GCC’s first online Islamic Insurance eBusiness service. The simple, convenient service provides an end-to-end solution from getting an instant quote to online payment and delivery of the policy to the customer’s doorstep. Designed with simplicity, convenience, and value from the outset, the company adopted best practices from leading online insurance companies around the world. A first for the region, the immediate success and acceptance of its online site in the UAE with up to 600 quotes daily is a hallmark of Noor Takaful to successfully bring innovative solutions to the UAE market. After completing a phenomenal first year of operations, Noor Takaful continues to set the pace for the Takaful industry in the country. Despite it being one of the youngest companies in the UAE, Noor Takaful has out-performed all its newly publicly traded Takaful peers in terms of gross written premiums (in just 18 months). This is a testimony to its coverage of the UAE market through its unique distribution setup with individual teams focusing on target segments in the market. ACHIEVEMENTS IN THE LAST 12 MONTHS To date, Noor Takaful has successfully set up three (3) branches in the UAE, which have yielded key contracts throughout 2010, including the Dubai Engineer’s Office, Dubai Police, Al Futtaim and Dubai Taxis. Noor Takaful Best Takaful Operator With over 2000 corporate customers, 5 government customers and 20,000 individual customers Noor Takaful continues to deliver on its strategic growth objectives. Recently, Noor Takaful introduced its suite of Individual Family products to meet the needs of UAE consumers. In early 2010, it secured partnerships with Al Futtaim Motors, Belhasa Group, Sharjah Islamic Bank and Ajman Bank. The first two months of 2010 were also the highest grossing months in the company’s history. Following this success, Noor Takaful became the only Takaful company appointed by the Roads Traffic Authority (RTA) to renew motor registration on behalf of its clients. This transaction provides ease to the customer, who can renew their insurance and motor registration at the same time. Noor Takaful’s Customer Service Index was introduced on the website in August to measure and capture statistics as to the customer’s satisfaction levels. The data is reviewed regularly by Customer Services who follow the index, communicating with the business on what needs to be improved. Through surveys, Noor Takaful has reached overall customer satisfaction levels of 88% plus with a continued focus to adapt and shape the way customers are serviced. In an effort to boost knowledge share, Noor Takaful launched a dedicated training programme calendar to its associates during the month of May. These programs cover a full range of subjects from the types of Takaful insurances available to soft skills training giving every employee an opportunity to know the business and provide an all round better service. Noor Takaful Best Takaful Operator In July, Noor Takaful launched its new internal staff suggestion program - “Sawty” My Voice ". This programme is aimed at encouraging and rewarding associates to make constructive suggestions to enhance work effectiveness. In August Noor Takaful passed the final ISO 9001:2008 audit conducted by the leading Bureau Veritas certification body, making Noor Takaful the first Takaful operator in the UAE to achieve full certification. Noor Takaful in the community In September Noor Takaful signed a Memorandum of Understanding (MoU) with Dubai Cares, the UAE-based philanthropic establishment launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum in 2007, in support of the charitable organization’s efforts in providing children in developing countries with access to quality primary education. Under the terms of the agreement, Noor Takaful offers donations to Dubai Cares from selected Takaful products that it sells to its customers as a percentage of the takaful contributions (premium) it receives. Proceeds from this endeavour will be directed towards supporting Dubai Cares’ on-going ‘School Feeding Campaign’ and other future primary education-related programs. Blood is a substance so precious that it cannot be fabricated despite all our technology and wealth. It is truly a gift of life. Which is why Noor Takaful regularly organises Blood Donation Drives to help supply the UAE’s blood banks. Ramadan 2010 - An opportunity to give back even more. Noor Takaful set up a Ramadan Tent its new head office offering Iftar for the less fortunate, supported by donations and contributions from staff. Noor Takaful Best Takaful Operator PERSONAL STATEMENT Noor Takaful’s principal strategy has been to build a significant brand presence in the market, while continuing to emphasise on its core values of internal controls, discipline and innovation in client services. Despite the worldwide economic situation, where business plans of entities keep changing every quarter, Noor Takaful is still very much aligned to its goals and is confident of achieving them in the coming years. Noor Takaful tackles the market on various levels and fronts, including offering a complete and competitive product suite to the market, providing various delivery channels and utilizing latest technologies to further enhance customers’ experience, And while all these are being approached and aggressively pursued, Noor Takaful has not compromised its values as a Takaful company. It also has strong and recognized corporate governance, Shari’a and internal controls in place, so as to protect the interests of all its stakeholders, including, first and foremost, its customers and shareholders. With major milestones being achieved on a monthly basis to date, we firmly believe that Noor Takaful is already the best Takaful company in the UAE, and is also well on track to becoming the biggest Takaful company in the market as per its vision and mission.