Sukoon Takaful and Ajman Bank have signed a memorandum of understanding that combines the bank’s distribution network with the takaful provider’s expertise in Sharia-compliant products, according to a report by the Emirates News Agency. The partnership will enable customers to access protection for their assets and support for financial futures through instruments aligned with Islamic principles. Officials from both sides, including representatives Mustafa al Khalfawi and Ahmed bin Shanab, attended the signing ceremony in Ajman.
Ahmad Abu Shanab, chief executive officer of Sukoon Takaful, described the agreement as a key development for expanding ethical insurance options. “Our partnership with Ajman Bank represents an important step in expanding access to Sharia-compliant Takaful solutions,” Abu Shanab said. “By combining our expertise and shared commitment to customer service, we aim to provide customers with relevant protection solutions that support their financial needs and offer greater peace of mind.” The CEO added that the collaboration addresses growing customer demand for compliant financial tools.
Sukoon Takaful PJSC, rebranded after its 2023 acquisition by Sukoon Insurance PJSC and operating in the UAE since 1978, holds an ‘A’ credit rating from Standard & Poor’s, company information shows. An IMARC Group report valued the UAE takaful market at $176.46 million in 2024 and projected expansion to $361.05 million by 2033 at a compound annual growth rate of 8.28 percent. The provider has pursued similar alliances, including a 2026 agreement with the Sheikh Zayed Housing Programme to extend family takaful coverage beyond previous age limits for UAE nationals.
Central Bank of the UAE figures show the national insurance sector’s gross written premiums climbed 14.9 percent to $20.4 billion in 2025, with total profits reaching $1.09 billion. Within this landscape, takaful offerings have seen heightened interest as part of the shift toward Islamic finance alternatives free of riba and gharar. The new tie-up with Ajman Bank forms part of a broader industry pattern where takaful firms partner with Islamic banks to widen product reach.
Ajman Bank provides a full suite of Sharia-compliant banking services and maintains a focus on ethical financial solutions for its clientele. The integration of the takaful products is set to enhance service convenience through the bank’s branches and digital channels. Specific product features and launch timelines under the memorandum were not detailed in the initial announcement.
Sukoon Takaful reported a net profit of 41.1 million AED alongside 120 million AED in annual claims payouts, according to its financial disclosures. The company has also partnered with the Emirates Association for Lawyers and Legal to deliver sector-specific professional liability takaful at competitive terms. These moves underscore its strategy to target professional communities and government-backed housing initiatives across the UAE.
