Hot on the heels of Daman Investments, it has been revealed that Hayah Insurance has received approval by the Securities & Commodities Authority (SCA) for its End of Service Saving (EoSS) product.
We are still awaiting details for Hayah's offering, but let us briefly summarise a few key points:
Firstly, it has to be noted that Hayah has already a product in this market - the "Employee Secure Saver" workplace saving scheme. This scheme is being offered to employers who want to offer employees additional voluntary savings. It is based on a guaranteed US-Dollar fund managed by global insurance giant Axa (who co-owned Axa Green Crescent until 2020, after which it became "Hayah").
However, the End of Service Savings (EoSS) regulation makes it clear that only funds that are domiciled in the UAE qualify. This meant that the Axa fund was not an option for Hayah as Axa's fund is domiciled and managed outside the UAE. Instead, Hayah has concluded a partnership agreement with Azimut Investments who plan to launch funds domiciled in the UAE.
As of today it is unknown what type of funds Azimut will provide, their charges and other important details. We will share more details about Hayah's End of Service Saving (EoSS) product as soon as it will be revealed.
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