Al Salam Bank Partners with Solidarity Bahrain to Launch Innovative Multi-Year Motor Takaful Insurance

In a significant development for the Kingdom of Bahrain, Al Salam Bank has unveiled an exclusive multi-year motor Takaful insurance product in collaboration with Solidarity Bahrain. This innovative offering, a first in the Kingdom, is part of Al Salam Takaful's ongoing efforts to provide comprehensive Sharia-compliant insurance solutions.

The new multi-year motor Takaful insurance product offers coverage for up to 7 years, with flexible payment options including installments, cash, or the increasingly popular 'Buy Now Pay Later' scheme. This flexibility is designed to provide clients with peace of mind, eliminating the need for annual Takaful insurance renewals and offering special discounts.

Mr. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, expressed his enthusiasm for the new product, stating, 'We are pleased to be unveiling this one-of-a-kind product in Bahrain, which aims to provide our clients with ease of mind without needing to worry about annual Takaful insurance renewals. The multi-year motor Takaful insurance product also offers special discounts and flexible payment options. We look forward to delivering a seamless banking experience to clients seeking to purchase a new vehicle by providing an extensive array of financing solutions and Takaful insurance products under one roof.'

The multi-year motor Takaful insurance product provides comprehensive coverage at a fixed cost throughout the insurance period, even in the case of any Takaful insurance claims. Clients can also benefit from a reduced insurance amount lower than annual renewal policies, making it a cost-effective and convenient solution.

As an added incentive, the first 30 clients who issue a new multi-year motor Takaful insurance policy by 30 September 2024 will receive BD 50. This promotional offer is expected to attract significant interest and drive early adoption of the new product.

Al Salam Bank's strategic partnership with Solidarity Bahrain underscores its commitment to delivering innovative and customer-centric financial solutions. By leveraging its robust financial standing and digital-first mindset, the bank continues to enhance its product offerings and strengthen its position as a leading player in the Islamic banking sector.

For more information about the new multi-year motor Takaful insurance product, clients are encouraged to visit the bank's website, contact customer service via WhatsApp, or book an appointment with Al Salam Bank's virtual branch via Skiplino.

In conclusion, Al Salam Bank's introduction of the multi-year motor Takaful insurance product is a testament to its forward-thinking approach and dedication to meeting the evolving needs of its clients. This innovative product, coupled with the bank's comprehensive range of financial solutions, makes Al Salam Bank a compelling choice for investors.

Investment Recommendation: Considering Al Salam Bank's strong financial position, innovative product offerings, and strategic partnerships, it is recommended to buy the instrument.