Amana Takaful Maldives launches special insurance policy for guest houses

Amana Takaful (Maldives) PLC has launched Takaful Guest House Cover, a new insurance policy that caters to the guest house sector of the Maldives. The policy was launched on the day of the 5th Annual General Meeting of the company.

The guest house sector is an increasingly growing segment of the Maldivian tourism industry. According to the Quarterly Tourism Update published by the Ministry of Tourism, the first quarter of 2016 saw guest house beds increase from 1178 to 1314 while the ministry’s most recent Tourism Industry Yearbook published in 2015 notes the guest house segment’s rapid expansion from 2010 to 2014.

Takaful Guest House Cover, the first of its kind to be introduced in the country, is for both existing and upcoming guest houses. The policy aims to indemnify small, medium and large units of guest houses from perils such as fire, burglary, public liability and business interruption. Electrical exclusions and business interruptions due to natural disaster perils also fall under the policy as optional additional covers.

“Business continuity is key to success and the guest house sector is no exception. We have built that into the very core of the product. Rest your worries in the event of business interruption,” said Imran Ramzan, Manager Sales & Marketing at Amana Takaful (Maldives) PLC while commenting on the newly introduced policy.

Along with the introduction of the Takaful Guest House Cover, Amana Takaful Maldives also refreshed its Takaful Business Cover, a policy that caters to small and medium sized businesses. The policy covers losses due to fire and allied perils, natural disasters, shop break-in along with many more additional covers.

“The Takaful Business Cover is now revamped and refreshed. Catering to the needs of the small and medium sized retail stores, the package comes with added features to cover you, your employees and even your customers,” Imran said while noting how this package could be ideal for souvenir shops and other such entities present on resort and hotel premises.

Other tourism related packages provided by Amana Takaful includes the Hotelier’s Comprehensive Takaful for resort owners and Takaful Travel Pal for global travellers. The company also provides a comprehensive specialized Medical cover for the resort employees. The medical plan ‘Hale and Hearty’ encompasses number of benefits including treatments obtained locally as well as overseas.

Last month, Amana Takaful Maldives also signed a Memorandum of Understanding with the Liveaboard Association of Maldives (LAM). Under the MOU, the company offers a comprehensive hull insurance package that includes exclusive features and benefits for members of LAM. Along with the marine hull insurance package, the company also offers a Takaful Easy Marine policy that aims to safeguard imports and exports.

Amana Takaful began operating in the Maldives in 2003 and is now a fully-fledged insurance company licensed by the Maldives Monetary Authority. The pioneer Islamic Finance Company in the country is also the only Sharia Compliant listed entity in the Maldives Stock Exchange.

Amana Takaful’s insurance schemes are based on the ‘Takaful’ concept. Takaful is a word derived from the Arabic language which means ‘reciprocal guarantee’ and the interest-free takaful risk management concept based on mutuality and partnership, relying on the principle of pooling contributions together to create a fund that safeguards the interests of all members.

According to Imran, Amana Takaful’s service oriented culture, 24/7 reachability and young enthusiastic workforce are at the root of the company’s success in the Maldives. Another feature that contributes to the company’s popularity is its rewards plan for non-claimant participants. The company has been rewarding its non-claimant participants with payment of surplus, which means Takaful policyholders who have not claimed during the period will receive a proportionate refund from the surplus of the risk fund. Amana Takaful (Maldives) has been improving its surplus pay-out rates year on year based on its consistent performance.