"Energy and infrastructure" It completes the signing of agreements with insurance companies to provide a financial protection umbrella for housing beneficiaries
Dubai, April 13 / WAM / The Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, signed a partnership agreement with Sukoon Takaful Company, one of the leading companies in the field of insurance and provision of Takaful services, in order to provide an integrated insurance protection umbrella for beneficiaries of housing loans, in a way that enhances the sustainability of the housing support system and expands the scope of insurance coverage.
The agreement, which was signed at the Ministry’s headquarters in Dubai, comes as a continuation of the efforts made by the Ministry in developing the housing financing system, and after the positive results achieved by the initiative launched last year, which constituted a first stage in providing insurance coverage for housing loan beneficiaries, while the agreement establishes a more comprehensive and sustainable framework, which enhances the continuity of providing these benefits and expands the scope of benefit for financing housing support decisions for citizens benefiting from housing loans, with a special focus on senior citizens.
According to the agreement, the insurance coverage ceiling was developed to reach 95 years, providing extended and long-term protection for beneficiaries, and reflects a government trend towards expanding benefit from housing programs and removing restrictions that limited opportunities to obtain financing.
The agreement is part of the Sheikh Zayed Housing Program loan financing system, reflecting institutional integration between the government, financial, and insurance sectors to develop innovative and sustainable financing solutions.
It also provides a unified framework for insurance coverage that includes cases of death or permanent total disability, with coverage extended until the age of 95 years, which provides broader opportunities to benefit from housing loans, and reduces the challenges that some groups faced in obtaining financing.
His Excellency Engineer Mohammed Al Mansouri, Undersecretary of the Ministry of Energy and Infrastructure for Infrastructure and Transport Affairs, confirmed that the signing of the agreement represents a qualitative shift in the development of the housing financing system in the country, through the integration of advanced insurance protection tools that enhance the sustainability of support and reduce the risks associated with financing.
He explained that the Ministry adopts a proactive approach to design 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 developments in age and financial obligations, and gives beneficiaries greater confidence in the stability of their housing conditions in the long term.
He 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, capable of keeping pace with economic and social changes, and providing innovative solutions that support the stability of the Emirati family and raise the quality of life.
His Excellency said that the agreement embodies the program’s firm commitment to developing a comprehensive and advanced housing support system that places the citizen at the heart of its priorities and responds to his actual needs at various stages of his life, while the program continues its journey in building effective strategic partnerships with the financial and insurance sectors, stressing that the expansion of the ceiling of insurance coverage up to 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.
He added that the agreement comes within specific initiatives led by the Sheikh Zayed Housing Program to develop housing policies and strengthen partnerships, which contributes to accelerating the procedures for obtaining housing support, raising the level of customer happiness, and achieving the state’s goals in quality of life and family stability.
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