Sukoon Insurance has received approval from Dubai Financial Services Authority (DFSA) to start a subsidiary called Oman Insurance Workplace Savings Solution (OIWSS) in the Dubai International Financial Centre (DIFC),
The operation will administrate employee money purchase schemes in the centre.
OIWSS has established a partnership with Intertrust Group, which will be the trustee and the operator of this scheme and Generali Global Pension, which will provide a capital guaranteed option for its clients.
The entity will operate from its office in DIFC and is a 100% owned subsidiary of Sukoon, which was previously Oman Insurance.
OIWSS has launched a scheme which will be branded as Go Saver and will be open for companies in DIFC, other freezones and other onshore jurisdictions.
Go Saver will be fully protected under a trust which will safeguard the interests of employees. Through a digital platform, OIWSS will provide investment solutions including a fully capital guaranteed option and investment portfolios including Sharia offer.
Emmanuel Deschamps, head of life and pensions and member of the executive committee at Sukoon, said: “The gratuity and employee savings landscape in the UAE provides an enormous opportunity, especially due to the regulatory changes which are expected in the country. We have seen the success within companies in DIFC and the public sector where gratuity provisions have been invested in a savings scheme.
“With limited players in the market, and the need for very high expertise in this business, OIWSS is well positioned to become the leader in this space and offer the most unique solutions to clients, working with HR and finance heads of companies to introduce a savings scheme for the gratuity liability of their employees along with an option to add voluntary contributions.”