Dubai-based Islamic insurance provider Noor Takaful has partnered with Abu Dhabi Global Market-based technology start-up Algofy.ai to launch a unique digital savings plan.
The tech start-up has designed a savings plan on its Bliss platform by employing artificial intelligence and machine learning to offer the customers a fully digital experience.
The platform will help customers to complete all procedures from application submission to service through a smartphone without any paperwork filing, branch visits or physical agent interactions and it also helps in achieving the zero-touch economy.
Customers can open a Bliss savings plan without any deposit and contribute amounts starting from $136 per month. Users can download the app through both iOS and Android operating systems.
Both UAE nationals and residents can purchase a savings plan made up of fund portfolios managed by leading advisory firm Morningstar and life takaful insurance through the platform. Even after leaving the country, they can continue their policy by simply updating their app with a valid credit or debit card.
“People have no time to actively manage their money or move money between funds. To help achieve this, Noor Takaful contracted Morningstar to invest in low, medium and high-risk model portfolios to achieve returns for consumers,” Fadi Jawdat Al-Hindi, chief executive and founder of Algofy.ai.
The saving plans framed by Algofy.ai offer low (4 percent), medium (5 percent) and high (6.5 percent) returns, depending on the user’s risk appetite. All investments made through the plan will be in Shariah-compliant funds.
A recent survey by Bayt.com and market research company YouGov shows that 68 percent of people in the UAE consider saving money as a top priority in 2021, as the pandemic highlighted the need for saving an emergency fund for short-term liquidity needs.
Bliss savings plan investments will be revised quarterly and customers will have 24/7 visibility on the performance of their portfolio. If the customer wishes to discontinue the saving plan after five years, no cancellation charges will apply, but a fixed 5 percent fee will be levied if the plan is canceled within the first five years.
Fadi Jawdat Al-Hindi CEO & Founder Algofy.ai
“Two big problems facing people are Savings and Health. By partnering exclusively with Noor Takaful we built a digital channel for the Bliss Savings Plan that is unmatched and fully transparent. On the health front, through our collaboration with Apple, we offer Wellness cash rewards through exercise, called ‘Burn & Earn.’ We will bring similar exercise rewards offering to the Android platform that will be available in the market in Quarter 1 of 2021.”
“Noor Takaful is committed to delivering protection and peace of mind to every UAE National and every resident. Our partnership with Algofy.ai and the launch of Bliss Savings plan on their platform is a testament to that commitment,” says Rajesh Sethi, chief executive of Dar Al Takaful, the holding company of Noor Takaful.
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