Sukoon’s OIWSS: Transforming Employee Money Purchase Schemes in DIFC
Sukoon Insurance has established a subsidiary named Oman Insurance Workplace Savings Solution [OIWSS] in the Dubai Financial Services Authority [DFSA], the regulatory authority overseeing financial services in the Dubai International Financial Centre [DIFC].
Capitalising on its partnership with Intertrust Group and Generali Global Pension, OIWSS plans to introduce an innovation approach to the administration of End of Service Gratuity savings. The scheme, aptly named “Go Saver,” is designed to provide companies with an effective and regulated means to manage their employees’ gratuity liabilities. With a focus on safeguarding the interests of employees, Go Saver operates under the protection of a comprehensive trust structure.
OIWSS is poised to revolutionise the landscape of employee savings and gratuity solutions across the Middle East, Africa, and South Asia [MEASA] region. The subsidiary, which operates under the umbrella of Sukoon Insurance, aims to administer Employee Money Purchase schemes for companies within DIFC and beyond, catering to the United Arab Emirates [UAE] and the wider Gulf Cooperation Council [GCC] area.
The subsidiary has strategically positioned itself as a pioneering force in the industry, leveraging its affiliation with DIFC, a leading global financial hub. OIWSS’s operations will be based in the DIFC premises, where it will utilise a robust digital platform to offer diverse investment solutions. These solutions encompass a fully capital-guaranteed option and a range of investment portfolios, including Sharia-compliant options.
Emmanuel Deschamps, the Head of Life and Pensions at Sukoon and a member of its Executive Committee, expressed optimism about the potential of OIWSS. He noted, “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.” He further emphasised that OIWSS, equipped with a strong expertise in this domain, is well poised to emerge as a leader and provide unique solutions to clients.
As Sukoon Insurance ventures into this innovative space with OIWSS, it underscores DIFC’s dedication to fostering an environment that facilitates financial companies’ growth and innovation in the MEASA region. The launch of OIWSS marks a significant step toward reshaping employee savings and gratuity provisions, reflecting both Sukoon’s forward-thinking approach and DIFC’s commitment to catalysing success in the financial sector.
Salmaan Jaffery, Chief Business Development Officer at DIFC, lauded Sukoon’s initiative, stating, “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,” Jaffery highlighted DIFC’s role in nurturing innovative financial endeavours and expressed enthusiasm for OIWSS’s growth within the dynamic DIFC ecosystem.