Islamic insurance company Noor Takaful tied up with Abu Dhabi Global Market-based technology start-up Algofy.ai to roll out a digital savings plan.
UAE nationals and residents can purchase a savings plan made up of fund portfolios managed by advisory firm Morningstar and life takaful insurance through the platform, the insurance firm said in a statement on Tuesday.
"People have no time to actively manage their money or move money between funds," Fadi Jawdat Al-Hindi, chief executive and founder of Algofy.ai, told The National. "To help achieve this, Noor Takaful contracted Morningstar to invest in low, medium and high-risk model portfolios to achieve returns for consumers."
The tech start-up designed the savings plan on its Bliss platform using artificial intelligence and machine learning.
Users can download the Bliss Savings Plan app on either iOS and Android. They can open a plan without a deposit and contribute amounts starting from Dh500 per month. All services on the platform can be accessed through a smartphone.
The saving plans offer low, medium and high returns, depending on the user’s risk appetite. All investments made through the plan will be in Shariah-compliant funds, Mr Al-Hindi said.
“We want people to have a long-term goal of systematic investment every month in order to reap the rewards later. They can benefit from the power of compounding interest,” he added.
A survey in November by Bayt.com and market research company YouGov found that 68 per cent of people in the UAE consider saving money as a top priority in 2021. The Covid-19 pandemic highlighted the importance of saving and having an emergency fund for short-term liquidity needs, according to the survey results.
Bliss savings plan users can change their risk strategy at any time through the app. The investments will be revised on a quarterly basis and customers will have 24/7 visibility on the performance of their portfolio, Mr Al-Hindi added.
Customers can maintain their Bliss Savings Plan after leaving the UAE by updating their app with a valid credit/debit card. If they wish to discontinue the saving plan after five years, no cancellation charges will apply. However, a fixed 5 per cent fee will be levied if the plan is cancelled within the first five years, the statement said.
Investors will have to pay a monthly fee of Dh25 as well as an allocation fee of 5 per cent to maintain the Bliss Savings Plan.
“Noor Takaful is committed to delivering protection and peace of mind to every UAE national and every resident,” said Rajesh Sethi, chief executive of Dar Al Takaful, the holding company of Noor Takaful. “Our partnership with Algofy.ai and the launch of Bliss Savings Plan on their platform is a testament to that commitment.”
We want people to have a long-term goal of systematic investment every month in order to reap the rewards later
The app also offers users retail rewards, which can be earned through referrals. Customers can also opt in for Algofy.ai’s “Burn & Earn” rewards programme, where they receive financial rewards for meeting daily fitness targets.
“Two big problems facing people are savings and health,” Mr Al-Hindi said. “On the health front, through our collaboration with Apple, we offer wellness cash rewards through exercise. We will bring a similar exercise rewards offering to the Android platform in the first quarter of 2021.”
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
From Conquest to Deportation
Jeronim Perovic, Hurst
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
%3Cp%3E%3Cstrong%3EResults%3C%2Fstrong%3E%3Cbr%3EHong%20Kong%2052-5%20UAE%3Cbr%3ESouth%20Korea%2055-5%20Malaysia%3Cbr%3EMalaysia%206-70%20Hong%20Kong%3Cbr%3EUAE%2036-32%20South%20Korea%3Cbr%3E%3Cbr%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3EFriday%2C%20June%2021%2C%207.30pm%20kick-off%3A%20UAE%20v%20Malaysia%3Cbr%3EAt%20The%20Sevens%2C%20Dubai%20(admission%20is%20free).%3Cbr%3ESaturday%3A%20Hong%20Kong%20v%20South%20Korea%3Cbr%3E%3C%2Fp%3E%0A
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Killing of Qassem Suleimani
More from Aya Iskandarani
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
More coverage from the Future Forum
UAE currency: the story behind the money in your pockets
Honeymoonish
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Company%C2%A0profile
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COMPANY%20PROFILE
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
COMPANY%20PROFILE
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Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
FROM%20THE%20ASHES
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Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor