DUBAI, UAE – Sukoon Insurance has received approval from Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from Dubai International Financial Centre (DIFC), to start a new subsidiary called Oman Insurance Workplace Savings Solution (OIWSS).
The aim of starting OIWSS is for the administration of Employee Money Purchase schemes in the Center.
DIFC, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, will provide a platform for the subsidiary to provide services to companies in the UAE and the rest of the GCC for administration of their End of Service Gratuity savings.
OIWSS has established a partnership with Intertrust Group, a CSC Company, who will be the trustee and the operator of this scheme and Generali Global Pension who will provide a capital guaranteed option for our clients.
The new entity will operate from its new office in DIFC and is a 100 per cent owned subsidiary of Sukoon.
OIWSS has built 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 robust digital platform, OIWSS will provide many investment solutions including a fully capital guaranteed option and investment portfolios including Sharia offer.