AXA Mediterranean and Latin America region (AXA MedLA), a subsidiary of AXA Group, and Grameen-Jameel Microfinance Ltd., one of the largest private supporters to microfinance institutions in Middle East, North Africa & Turkey, have signed a Memorandum of Understanding (MoU), to jointly provide micro insurance solutions for clients in the Middle East and North Africa (MENA) region and in Turkey. The objective of this partnership is to capitalize on AXA’s insurance expertise and Grameen-Jameel’
AXA’s micro insurance products would be delivered by leveraging Grameen-Jameel’
“We are very proud to become the first global insurance provider to develop a Micro insurance offering for MENA microfinance clients, through the network of Grameen-Jameel Microfinance Limited. As a leading insurer, our role is to protect our clients and allow them to develop their projects, their businesses and plans for their beloved one’s future.” said Jean-Laurent Granier .
He added: “It is all the more important that we support those who are more fragile and need more protection. We are very happy to launch this partnership with an experienced and respected organization such as Grameen-Jameel, in a region where we have been present for many years and in which we want to grow further.”
Zaher Al Munajjed said “Grameen-Jameel is delighted to partner with a renowned global insurer such as AXA. With over 80 million individuals living in poverty in the MENA region, the demand for micro credit and micro insurance particularly is critical to help alleviate poverty. Many microfinance clients have been left in financial ruin and with no indemnity after the unfortunate death of the breadwinner of the family. Now, micro entrepreneurs can have assurance that their families are protected and will not carry the debt burdens in the event of death.”
Notes to editors:
About the AXA Group
The AXA Group is a worldwide leader in insurance and asset management, with 163,000 employees serving 101 million clients in 57 countries. In 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,065 billion in assets under management as of December 31, 2011.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD, and is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.
About AXA in the Middle East and North Africa :
Within AXA Mediterranean and Latin America Region (AXA MedLA), the Group is present in 9 countries across the Middle East and North Africa: Morocco, Algeria, Lebanon, Turkey, Bahrain, Kingdom of Saudi Arabia, Oman, Qatar, UAE.
About Grameen-Jameel Microfinance Limited
Grameen-Jameel Microfinance Limited (Grameen-Jameel)
Established in 2003, Grameen-Jameel Microfinance Ltd is a joint venture between Grameen Foundation and Abdul Latif Jameel. Grameen-Jameel was incorporated in 2007 as the first Social Business in MENA. Since its establishment, Grameen-Jameel has provided over USD 60 million to over 1,700,000 underprivileged clients by providing technical and financial assistance through a network of 17 MFI partners across nine countries, including Egypt, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey, and Yemen.
For additional information, please contact:
Alexis de Beauregard
AXA Gulf Marketing,
Tel: +971 4 4453850