Abu Dhabi, United Arab Emirates, 29 September 2026: Al Masraf has entered a strategic partnership with Sukoon Insurance PJSC and Sukoon Takaful PJSC, bringing together the Bank’s banking capabilities and Sukoon’s insurance and takaful expertise to offer customers access to a broader range of protection and insurance solutions.
(From left) Ahmad Yousuf, Chief Retail Banking Officer of Al Masraf; Hammad Khan, CFO & Interim CEO, Sukoon Insurance; Fuad Mohamed, Chief Executive Officer of Al Masraf; and Ahmed Abushanab, Chief Executive Officer of Sukoon Takaful..jpg
The partnership was formalized during a signing ceremony attended by senior leaders from Al Masraf, Sukoon Insurance and Sukoon Takaful, marking an important milestone in the Bank’s efforts to strengthen its offerings and provide customers with more comprehensive financial solutions through trusted partners.
– Delegates from Al Masraf, Sukoon Takaful and Sukoon Insurance at the signing ceremony..jpg
Under the strategic partnership, Sukoon Insurance and Sukoon Takaful will join hands with Al Masraf, enabling the Bank to offer customers access to a range of insurance and takaful solutions designed to meet the evolving protection needs of individuals and businesses.
– (From left) Fuad Mohamed, Chief Executive Officer of Al Masraf, and Hammad Khan, CFO & Interim CEO, Sukoon Insurance..jpg
The collaboration brings together Al Masraf’s established banking platform and customer relationships with Sukoon’s extensive insurance expertise and distribution capabilities. It reflects a shared commitment to delivering greater choice, convenience and value to customers while supporting their broader financial wellbeing.
Fuad Mohamed, Chief Executive Officer of Al Masraf, said: “Our partnership with Sukoon Insurance and Sukoon Takaful reflects our commitment to building an ecosystem of trusted partners that enables us to offer our customers more complete financial solutions.”
He continued: “Insurance and protection are an important part of long-term financial wellbeing, and through this collaboration, we are bringing together the strengths of leading organizations to provide greater choice and convenience to our customers. We look forward to building a strong and successful partnership with Sukoon as we continue to enhance the overall customer experience at Al Masraf.”
Ahmad Yousuf, Chief Retail Banking Officer of Al Masraf, said: “This partnership is an important step in bringing greater choice and convenience to our customers by making relevant insurance and takaful solutions more accessible through their strategic relationship.”
He added: “Sukoon’s strong market expertise and customer-focused approach make them a valuable partner for Al Masraf, and we look forward to working closely together to deliver solutions that are simple, relevant, and aligned with our customers’ needs.”
With operations spanning all Emirates in the UAE and Oman, Sukoon Insurance is among the UAE’s leading insurance providers. Sukoon serves businesses and individuals through a broad distribution network comprising branches, brokers, agencies, e-commerce platforms and a dedicated call centre.
Sukoon Takaful PJSC is one of the UAE’s leading takaful providers. The company provides general and family takaful solutions designed to meet the protection needs of individuals and businesses, supported by a strong capital base and disciplined approach to risk.
Commenting on the partnership, Hammad Khan, Interim CEO and Chief Financial Officer at Sukoon Insurance, said, “We are pleased to partner with Al Masraf as this collaboration reflects our shared commitment to help customers access protection solutions through convenient and trusted channels. By combining Al Masraf’s strong customer relationships and banking expertise with Sukoon’s insurance capabilities, we aim to deliver greater value, broader choice and an enhanced customer experience for individuals and businesses across the UAE.”
He added, “Alongside Sukoon Insurance’s product offering, our subsidiary Sukoon Takaful will provide Shariah-compliant takaful solutions to Al Masraf customers, enabling us to deliver a comprehensive suite of protection solutions tailored to different customer preferences and needs.”
Ahmed Abushanab, Chief Executive Officer of Sukoon Takaful, said, “Partnering with Al Masraf is an important opportunity to bring accessible Sharia-compliant Takaful solutions to more customers. As Al Masraf marks 50 years of serving its customers, we are pleased to join them during this significant milestone as we build a partnership focused on providing relevant protection solutions that support customers’ financial needs and offer greater peace of mind.”
The signing ceremony brought together senior representatives from both organizations. Representing Sukoon were Hammad Khan, CFO & Interim CEO, Sukoon Insurance; Ahmed Abushanab, CEO, Sukoon Takaful; Aditya Kulkarni, Executive Vice President, Head of Distribution UAE; Ashish Kumar Singh, Head of Bancassurance and Affinity; Dexter Fernandes, Head of Bancassurance Distribution and Partnership; and Mostafa Adel, Head of Bancassurance Distribution and Partnership.
Representing Al Masraf was Fuad Mohamed, Chief Executive Officer; Ahmad Yousuf, Chief Retail Banking Officer, Shaimaa Higazy, Products Unit Head; and Rojeh Ghassan, AVP Products unit. The strategic partnership reinforces Al Masraf’s focus on expanding its financial services ecosystem and developing partnerships that support customers across their broader financial journeys.
Through the collaboration with Sukoon Insurance and Sukoon Takaful, Al Masraf will continue to explore opportunities to enhance its customer offering and deliver relevant insurance and takaful solutions to its customers.
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About Al Masraf
Founded in 1976, under Federal Decree No. 50, signed by His Highness Sheikh Zayed Bin Sultan Al Nahyan, Al Masraf (Arab Bank for Investment & Foreign Trade) is a trusted UAE financial institution with a distinguished legacy of supporting trade, investment and economic development. Built on long-standing relationships, deep market expertise and a commitment to personalized service, the Bank serves corporations, businesses, individuals and families through tailored financial solutions designed to meet their evolving needs.
Guided by its promise of “Empowering Future Legacies,” Al Masraf is advancing a new phase of growth focused on deepening client relationships, enhancing banking experiences and delivering future-ready financial solutions. As a progressive, connected and trusted financial partner, the Bank combines proven expertise with responsible innovation to create lasting value for clients, support sustainable prosperity and contribute to the UAE’s long-term economic ambitions.
The Bank delivers integrated banking solutions through its Wholesale Banking and Retail Banking franchises, combining sector expertise, relationship-led Corporate and Financial Institutions coverage, transaction banking, financing, capital solutions and risk management capabilities to support clients’ growth ambitions and contribute to the UAE’s economic development.
For more information, visit www.almasraf.ae.
About Sukoon Insurance
Established in 1975, Sukoon Insurance PJSC (“Sukoon”) – a public stock company – is among the leading insurance providers in the UAE. Sukoon provides a range of comprehensive insurance solutions for motor, life, health, and general (property, energy, engineering, aviation, marine, and liability) needs to its 1.6 million insured members. Sukoon’s operations span across Oman and all Emirates in the UAE.
Sukoon is committed to providing outstanding insurance solutions which help create and protect wealth and wellbeing. The Dubai-based company stays true to its vision by serving businesses and individuals with a team of over 700 professionals through an intensive distribution network of branches, brokers, bancassurance partners, agencies, e-commerce platforms, and a dedicated call centre.
In 2025, Sukoon registered gross written premiums (GWP) of AED 7 billion. With a solvency ratio of 275 percent and exemplary ratings from Standard and Poor’s (A rated) and Moody’s (A2 rated), it clearly demonstrates its financial soundness, robustness in risk management processes, effective governance, and ability to serve its clients effectively in the long run.
At its core, the Company is customer-centric, with a keen devotion towards providing exceptional services. Its priority has always been to build long-term relationships with its clients with their delight as its non-negotiable objective.
Put simply, Sukoon wants to continue reinforcing its position as a reference for other insurers in the region for exemplary customer service.
To learn more about Sukoon, please visit www.sukoon.com.
About Sukoon Takaful
Established in 1975, sukoon takaful is a publicly listed entity on the Dubai financial market, reflecting its commitment to regulatory compliance and market accountability. We operate as a wholly owned subsidiary of Sukoon Insurance PJSC – one of the region’s largest composite insurers. With over 1.36 million customers and an 85% customer satisfaction score in 2025, our parent company offers deep synergy in technology, processes, and service philosophy.
This strategic relationship provides sukoon takaful with a strong foundation for sustainable growth and operational resilience.
In 2025, Sukoon takaful registered gross written contributions (GWC) of AED 325.4 million. With a solvency ratio of 200 percent and an S&P Global rating of ‘A’, Sukoon Takaful demonstrates its financial soundness, robustness in risk management processes, effective governance and ability to serve its clients effectively in the long run.
Guided by our customer-first approach and commitment to provide shariah-compliant protection, we continue to strengthen our offering while supporting the evolving needs of individuals, families and businesses across the UAE.
To learn more about sukoon takaful, please visit www.sukoontakaful.com.