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					                                                                                      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.

				
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