Microfinance Focus, December 3, 2012: 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’s microfinance proficiency offering insurance products to microfinance clients.
The MoU was signed by Jean-Laurent Granier, CEO of AXA Mediterranean and Latin American Region and Chairman and CEO of AXA Global P&C Line of business and Zaher Al Munajjed, Chairman, Grameen-Jameel Microfinance Ltd in the presence of Fady Abdul Latif Jameel, President of Abdul Latif Jameel Community Service Initiative and Grameen-Jameel Board Director.
AXA’s micro insurance products would be delivered by leveraging Grameen-Jameel’s microfinance network, proposing insurance products to their microfinance clients. By accessing protection covers against any form of casualty, working disability or unexpected events, such as floods or fires, micro- entrepreneurs and their families will be protected and able to pursue their day to day activities.