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Dubai’s Takaful Emarat Starts Equity Fund, CEO Marrouche Says

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March 5 (Bloomberg) -- Takaful Emarat - Insurance P.S.C., a Dubai-based Shariah-compliant life and health insurance company, started a 20 million Saudi riyal ($5.3 million) equity fund, Chief Executive Officer Ghassan Marrouche said.

“It’s a global equity investment fund that protects 90 percent of the capital,” he said in an interview in Dubai today. “The expected annual rate of return is between 3 to 5 percent.” The fund is managed by Riyad Capital, Marrouche said.

Takaful Emarat’s services include savings through investment products, personal accident benefits and mortgage insurance products.

To contact the reporters on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net; Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net