- October 25, 2010:
Dar Al Takaful PJSC, an Islamic Insurance & Reinsurance Company, has announced the launch of the world’s first Sharia-compliant bloodstock policy, which will include a new insurance product to horse owners across the GCC to protect them from certain financial losses in the result of deteriorating health or incurred accidents involving their animals.
The company has established a specialised equine underwriting unit in Dubai, where insurance will be available for all breeds of horses. Coverage can be provided for a number of equine conditions, including mortality, medical fees and permanent disability. In addition, certain products can also be supplied against limited theft and unlawful removal.
“This is the first Islamic equine insurance policy of its kind, and takes into account the very real needs horse owners in the country,” says Ayman Al Ajmi, Chief Executive Officer at Dar Al Takaful. “Our specialization in this area is part of our company’s larger commitment to innovative Takaful solutions that address all the needs of the UAE’s dynamic Islamic insurance market.”
From international competitors to large stables and club teams, all equestrian owners stand to benefit from the new insurance product. These take into account the different requirements of owners who need to insure a large number of animals or who compete in high-risk events.
Alajmi added “that specific needs of breeders will be addressed in the new policy. Dar Al Takaful for instance, can provide them with protection against prospective foal barrenness and stallion infertility, resulting in a loss of income”.
Dar Al Takaful will soon be extending this coverage to include racing camels as well, of which the company has yet to reveal additional details.