Abu Dhabi, UAE – The Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, signed a partnership agreement with Sakon Takaful, one of the leading companies in the field of insurance and providing Takaful services. This is to provide an integrated insurance protection umbrella for housing loan beneficiaries, enhancing the sustainability of the housing support system and expanding the scope of insurance coverage.
This agreement comes as a continuation of the efforts made by the Ministry in developing the housing finance system, and after the positive results achieved by the initiative launched last year. Which constituted the first stage in providing insurance coverage to housing loan beneficiaries, this agreement establishes a more comprehensive and sustainable framework. This enhances the continuity of providing these benefits and expands the scope of use to finance housing support decisions for citizens benefiting from housing loans, with a particular focus on senior citizens.
Developing the insurance coverage ceiling
According to the agreement, the insurance coverage ceiling was increased to 95 years. This provides extended and long-term protection for beneficiaries, and reflects a government trend towards expanding access to housing programs and removing restrictions that were limiting access to financing.
The agreement is part of the Sheikh Zayed Housing Programme’s loan financing system. Reflecting institutional integration between the government, financial, and insurance sectors to develop innovative and sustainable financing solutions. The agreement also provides a unified framework for insurance coverage that includes cases of death or permanent total disability, while extending coverage until the age of 95, allowing broader opportunities to benefit from housing loans. It reduces the challenges that some groups faced in obtaining financing.
qualitative transformation
His Excellency Eng. Mohammed Al Mansouri, Undersecretary of the Ministry of Energy and Infrastructure for Infrastructure and Transport Affairs, emphasized that the signing of the agreement represents a qualitative shift in the development of the country’s housing finance system. By integrating advanced insurance protection tools that enhance the sustainability of support and reduce risks associated with financing.
His Excellency explained that the Ministry adopts a proactive approach to designing integrated solutions that take into account the needs of various segments of society, especially senior citizens and retirees. By providing flexible insurance coverage that keeps pace with age developments and financial obligations, and gives beneficiaries greater confidence in the stability of their housing conditions in the long term.
His Excellency pointed out that integration between government agencies and the banking and insurance sectors constitutes a fundamental pillar in building a flexible and sustainable housing system. Able to keep pace with economic and social changes, and provide innovative solutions that support the stability of Emirati families and improve their quality of life.
Citizen.. Top priority
His Excellency said: “This agreement embodies the program’s firm commitment to developing a comprehensive and advanced housing support system that places citizens at the heart of its priorities and responds to their actual needs at various stages of their lives. The program continues its journey to build effective strategic partnerships with the financial and insurance sectors. Stressing that the expansion of the ceiling of insurance coverage until the age of 95 clearly expresses the government’s interest in senior citizens and the state’s keenness to guarantee their right to decent and stable housing.
His Excellency added: “This agreement comes within qualitative initiatives led by the Sheikh Zayed Housing Program to develop housing policies and strengthen partnerships”. This contributes to accelerating the procedures for obtaining housing support, raising the level of happiness of clients, and achieving the state’s goals in quality of life and family stability.
