UAE-based Methaq Takaful Insurance and Union National Bank (UNB) have entered into an MoU to launch new motor insurance scheme.

UNB CEO Mohammad Nasr Abdeen that said this MoU is within bank’s strategy to provide a wide range of financial solutions to the customers and a reaffirmation of its core value of being ‘the bank that cares’.

“The introduction of this service complements the various products that the bank provides benefiting a very large customer base, Abdeen said.

The UNB also plans to introduce more insurance linked products in the near future.

Methaq Takaful Insurance managing director Abdullah Al Maamarri highlighted that recent studies in the UAE insurance industry revealed that around 60% of the insurance business is generated from the motor insurance followed by medical insurance at 20% and the remaining 20% is from other insurance businesses.