Sukoon Launches New Subsidiary in DIFC to Administer End of Service Gratuity and Workplace Savings Schemes
Dubai, UAE; 21 August 2023: 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) for the administration of Employee Money Purchase schemes in the Centre.
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 in an effective and regulated manner. 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.
“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,” said Emmanuel Deschamps, Head of Life and Pensions and member of the Executive Committee at Sukoon.
Salmaan Jaffery, Chief Business Development Officer at DIFC, said: “As the leading global financial centre in the MEASA, DIFC has always driven innovation in the creation and management of long terms savings and wealth. Sukoon's establishment of OIWSS within DIFC highlights their commitment, in alignment with our shared vision, to revolutionise the pension and savings landscape in the region. We are delighted to welcome OIWSS into our dynamic ecosystem and look forward to facilitating their growth in the years ahead.”
Initiatives like OIWSS, borne from Sukoon's growth trajectory and forward-thinking approach, reflect DIFC's commitment to provide a platform that acts as a catalyst for success, providing the necessary support and resources for financial companies to innovate and excel in the region.