On Your Side: Level term assurance policies do not give refunds



I have a life policy with Friends Provident International that was set up a number of years ago. Because my circumstances have changed, I no longer need the policy and want to cancel it. I contacted the company, but I have been told that there is no money to come back to me. I thought I was due a sum of money on cancellation, but the company says this is not the case. Can you find out what is correct? KM Dubai

Having seen the formal documents relating to the original policy, I can see that KM has what is known as a level term assurance policy. This type of plan is designed to provide a set amount of life cover for a fixed term, selected at outset. It is a simple policy without any savings or investment element, which is particularly popular when cover is required for a specific term or purpose, such as linked to a mortgage or for when children are young. This tends to make it cheaper than other types of life cover. These plans never acquire a surrender value and so, while they can be cancelled at any time, policy holders will not receive any payment or refund from the insurance company.

I purchased an Apple iPod in April 2011 from Jumbo Electronics on Hamden Street in Abu Dhabi. In August 2011, the device kept locking up, so I sent it for repair, through Jumbo, to Arab Business Machines, which is the authorised repair agent of Apple. On August 20, I got the device back stating that the warranty was void as the "liquid indicator was red". I believe this occurred because of the humidity and the fact that I would listen to my iPod while exercising at night. In no way do I consider this constitutes misusing the device. As the humidity fell, my device began to work properly again. In December 2011, my device would not turn on. On December 20, I returned it to Jumbo, which sent it back to Arab Business Machines. However, it was not until February 7 that the device was returned to me. It had not been repaired and came with the same repair report that I received on August 20, which stated that the "liquid indicator was red" and the warranty was void. I now have a Dh700 device that is completely dead. I would like the device fixed or replaced. Also, Apple should warn purchasers that the device sold in the UAE is not fit for the environment in which it is required to operate. SN Abu Dhabi

This is a very sorry tale of poor, or non-existent, customer service. Although Jumbo appears to have acted properly in forwarding the device for repairs, its response claimed that "this is not a fault with the individual unit per se, but a product in line with Apple's quality standards and subject to its own restrictions. The unit when sent to the service centre was recognised as a utility issue and not an internal fault with the product." Jumbo suggested that SN contact Apple directly, which he duly did. The only response was that SN had voided the warranty by misuse, which he denies. I have attempted to contact Apple on behalf of SN, but apart from one cursory response from its UAE press office, my e-mails, of which there have been many, have been ignored. It is an appalling response from one of the world's best-known companies. SN also spoke with a representative from the Consumer Affairs Department at the Abu Dhabi Ministry of Economy. Interestingly, the representative mentioned that the department had received many complaints about humidity issues with devices, especially for iPhones. He suggested that Apple should let customers know this before they purchase these devices in the UAE.

I have read various queries about tax in the UK for Brits, but my situation is slightly different. I am Canadian, but it looks as if my employer will be sending me to the UK on a long-term contract. Because I am likely to be there for quite a few years, I am interested in buying a house in London. Will I be taxed on monies that I take into the country to use towards the purchase price? The money is mostly in the UAE and in an offshore bank account. Would I have to pay capital gains tax on this money? JP Dubai

Because you are not a UK resident, nor have you been at any point in the past five tax years, you would currently have no liability to UK capital gains tax provided you moved your money to the UK before your situation changes. The guidance, as published by Her Majesty's Revenue & Customs, states that you will become liable only once you become a UK resident and then only charged on gains arising from disposals made after the date of your arrival in the UK. You should note, however, that this is what is known as an "extra statutory concession" and is not a rule. But provided you move monies to the UK before taking up UK residency, you should not have an issue. The UK has a reputation for being generous to overseas investors based on this practice.

Keren Bobker is an independent financial adviser with Holborn Assets in Dubai. Contact her at keren@holbornassets.com

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now

'Top Gun: Maverick'

Rating: 4/5

Directed by: Joseph Kosinski

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

Ultra processed foods

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

What is Bitcoin?

Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.

The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers. 

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

The language of diplomacy in 1853

Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)


We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.

Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

FIGHT CARD

Anthony Joshua v Otto Wallin, 12 rounds, heavyweight

Deontay Wilder v Joseph Parker, 12 rounds, heavyweight

Dmitry Bivol v Lyndon Arthur, 12 rounds, light heavyweight

Daniel Dubois v Jarrell Miller, 12 rounds, heavyweight

Filip Hrgovic v Mark de Mori, 12 rounds, heavyweight 

Arslanbek Makhmudov v Agit Kabayel, 12 rounds, heavyweight 

Frank Sanchez v Junior Fa, 12 rounds, heavyweight 

Jai Opetaia v Ellis Zorro, 12 rounds, cruiserweight

BRAZIL SQUAD

Goalkeepers: Alisson, Ederson, Weverton

Defenders: Dani Alves, Marquinhos, Thiago Silva, Eder Militao , Danilo, Alex Sandro, Alex Telles, Bremer.

Midfielders: Casemiro, Fred, Fabinho, Bruno Guimaraes, Lucas Paqueta, Everton Ribeiro.

Forwards: Neymar, Vinicius Junior, Richarlison, Raphinha, Antony, Gabriel Jesus, Gabriel Martinelli, Pedro, Rodrygo

UAE currency: the story behind the money in your pockets
THE SWIMMERS

Director: Sally El-Hosaini

Stars: Nathalie Issa, Manal Issa, Ahmed Malek and Ali Suliman 

Rating: 4/5

WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?

• Looming global slowdown and recession in key economies

• Russia-Ukraine war

• Interest rate hikes and the rising cost of debt servicing

• Oil price volatility

• Persisting inflationary pressures

• Exchange rate fluctuations

• Shortage of labour/skills

• A resurgence of Covid?

MATCH INFO

Bayern Munich 2 Borussia Monchengladbach 1
Bayern:
 Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)

Man of the Match: Breel Embolo (Borussia Monchengladbach)

CHATGPT ENTERPRISE FEATURES

• Enterprise-grade security and privacy

• Unlimited higher-speed GPT-4 access with no caps

• Longer context windows for processing longer inputs

• Advanced data analysis capabilities

• Customisation options

• Shareable chat templates that companies can use to collaborate and build common workflows

• Analytics dashboard for usage insights

• Free credits to use OpenAI APIs to extend OpenAI into a fully-custom solution for enterprises

Ramy: Season 3, Episode 1

Creators: Ari Katcher, Ryan Welch, Ramy Youssef
Stars: Ramy Youssef, Amr Waked, Mohammed Amer
Rating: 4/5

Pakistanis at the ILT20

The new UAE league has been boosted this season by the arrival of five Pakistanis, who were not released to play last year.

Shaheen Afridi (Desert Vipers)
Set for at least four matches, having arrived from New Zealand where he captained Pakistan in a series loss.

Shadab Khan (Desert Vipers)
The leg-spin bowling allrounder missed the tour of New Zealand after injuring an ankle when stepping on a ball.

Azam Khan (Desert Vipers)
Powerhouse wicketkeeper played three games for Pakistan on tour in New Zealand. He was the first Pakistani recruited to the ILT20.

Mohammed Amir (Desert Vipers)
Has made himself unavailable for national duty, meaning he will be available for the entire ILT20 campaign.

Imad Wasim (Abu Dhabi Knight Riders)
The left-handed allrounder, 35, retired from international cricket in November and was subsequently recruited by the Knight Riders.

'Brazen'

Director:+Monika Mitchell

Starring:+Alyssa Milano, Sam Page, Colleen Wheeler

Rating: 3/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Intercontinental Cup

Namibia v UAE Saturday Sep 16-Tuesday Sep 19

Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27

Captain Marvel

Director: Anna Boden, Ryan Fleck

Starring: Brie Larson, Samuel L Jackson, Jude Law,  Ben Mendelsohn

4/5 stars

Indian origin executives leading top technology firms

Sundar Pichai

Chief executive, Google and Alphabet

Satya Nadella

Chief executive, Microsoft

Ajaypal Singh Banga

President and chief executive, Mastercard

Shantanu Narayen

Chief executive, chairman, and president, Adobe

Indra Nooyi  

Board of directors, Amazon and former chief executive, PepsiCo

 

 

New schools in Dubai
F1 drivers' standings

1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

Facebook | Our website | Instagram

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

The specs

Engine: two permanent magnet synchronous motors
Transmission: two-speed
Power: 625hp
Torque: 850Nm
Range: 456km
Price: from Dh737,480
On sale: now

When Umm Kulthum performed in Abu Dhabi

Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.

World Test Championship table

1 India 71 per cent

2 New Zealand 70 per cent

3 Australia 69.2 per cent

4 England 64.1 per cent

5 Pakistan 43.3 per cent

6 West Indies 33.3 per cent

7 South Africa 30 per cent

8 Sri Lanka 16.7 per cent

9 Bangladesh 0

Mobile phone packages comparison

On The Money

Make money work for you with news and expert analysis

      By signing up, I agree to The National's privacy policy
      On The Money