UAE: HAYAH Insurance, an Abu Dhabi-based life insurance provider with a focus on retirement and pension products, partnered with Azimut Group, a European asset management firm with offices in the UAE, to offer pension solutions in the UAE.
This collaboration combines HAYAH’s expertise in pensions with Azimut’s investment management capabilities to provide a diversified portfolio of investment options for employees and employers, that include Sukuk, alternative investments, equities and exchange-traded funds.
Other offerings include sustainable and ESG investment options, active portfolio management, transparent reporting, investment seminars and data analytics. The products are available as corporate pension management solutions, but will also extend to individual savings propositions.
Pension investment solutions available in the UAE include various funds that adhere to Islamic principles. National Bonds is a Shariah compliant investment company owned by the Investment Corporation of Dubai, the principal investment arm of the Dubai government, that offers pension products for UAE nationals, and a Golden Pension Scheme for private-sector foreign employees that was launched in 2022.
Meanwhile, employees in the UAE must register their Emirati employees with the General Pension and Social Security Authority in their first month employment. The 2023 Pensions Law states that monthly contributions should be made to the GPSSA.
The UAE supports these Shariah compliant solutions through a regulatory framework that includes oversight by the Securities and Commodities Authority and the Central Bank of the UAE.
