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Doha Bank Assurance Company applies for takaful licence

Doha Bank Assurance Company has applied for its takaful life insurance licence.

The Qatari insurer filed its application with the Qatar Financial Centre at the beginning of the year as part of its plans to provide life insurance alongside existing product lines, such as health insurance.

Manoj Kumar, Doha Bank Assurance Company executive manager and head, said the insurer intends to offer a number of life products, including term, whole, unit linked and bancassurance products.

He added: “The process takes time so I don’t expect the licence before the end of the year.”

The insurer recently underwent a review by ratings agency Standard & Poors, and Kumar said: “We expect to get a very healthy rating.”