National Takaful Company (Watania) will be the first insurance company in the region to provide free access to Souqalmal’s financial education platform — MoneyDoctor, to all its customers.
Watania, one of the region’s more successful and profitable Takaful institutions, has vowed to enhance financial literacy and education for its customer base by enrolling them in MoneyDoctor – Souqalmal’s digital financial education platform.
The customers will have access to nine different modules comprehensively covering a range of financial topics in the UAE. From setting up in the country, to managing one’s debt, and buying property, the MoneyDoctor program provides guidance on different financial and banking matters, thereby empowering its users to optimize their money matters in the UAE and grow their wealth.
As the economy recovers from the pandemic effects, several residents have struggled to recoup salary cuts, unexpected medical expenses, and job losses.
According to a 2021 survey by PwC, 63 percent of the respondents claimed their financial stress exponentially increased during the pandemic. Lack of financial understanding and discipline further fuelled this stress – one that could have been avoided if residents were prepared for financial uncertainties.
Gautam Datta, the CEO, National Takaful Company, said: “It’s a fact that those who are financially savvy, and have robust financial plans in place, understand insurance and credit products better.”
The MoneyDoctor program comprises presentations and interactive and downloadable tools to guide users on various financial matters. Their modules on setting up in the UAE assist new-to-UAE residents with setting up bank accounts, renting their residences, setting up credit lines, and buying necessary insurances.
Other modules range from selecting new credit cards, investing in property, changing one’s vehicle, understanding the credit scoring mechanism, and optimizing one’s monthly budget to grow savings.
Datta adds: “By funding this program for our customer base, we fulfill our duty towards our policyholders to increase their level of awareness and vow to uphold our responsibility towards enhancing financial literacy in the UAE and help achieve an uplift in financial well-being.”
The content is fully localized to the UAE and its respective regulations. It is available online and the modules can be accessed and attended throughout the year at each user’s time and convenience.
Ambareen Musa, CEO of Souqalmal, said: “This is the first time an insurance company in the region has taken a stand on enhancing financial literacy and discipline. We developed the MoneyDoctor as an independent learning platform to assist and guide users on different financial milestones they achieve during their lives. It is heartening to see Watania endorsing the importance of financial education in this region.”
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
