Solidarity sponsors the International Islamic Financial Forum in Zurich

Solidarity was named as Takaful Sponsor and represented by Mr. Ashraf Bseisu, GM Finance and Corporate Management, who talked about the potential growth of Takaful in Europe.

More than 500 participants from 24 countries including investors, financial fund managers and senior executives in the Islamic and financial services sectors took part in the Forum. The event included 27 powerful sessions, 3 interactive workshops and other educational sessions and specialized exhibition allowing participants to learn about various Islamic banking and Takaful products and meeting manufacturers.

Mr. Ashraf Bseisu spoke about the potential growth of Islamic financial services products, mainly Takaful, in the European markets. He witnessed the development of Solidarity range of Takaful products to match with the market individual and business needs in Europe especially because Solidarity is the only Takaful Company that has licenses to distribute Sharia'h compliant Takaful products.

Mr. Bseisu said, "We, as financial professionals, need to remind ourselves that financial products are available for sale - not purchase, which means that we must study the market and clients needs and wants properly. The added value brought to the European market by the Islamic financial services companies lies in the education about the concept of Islamic financial services, Takaful, and the competitive range of general and family Takaful products that is based on transparency and fairness to clients."

The forum aimed at focusing on the significant global growth of the Takaful sector, in addition to the exchange of expertise among the speakers and participants.

Bseisu added,

"This Conference represents a forum that targets financial and Islamic institutions, especially those that seek to enhance their status as a producer of financial services in the Middle East. Our sponsorship of this Forum and our partnership with many international financial institutions demonstrates the commitment of both sides towards the Islamic banking and insurance sector, as well as the principles of Islam."

He concluded, "There is an increased demand for Takaful products in Europe. Through strategic alliances, Solidarity has enhanced its position as a key player in the Islamic financial services sector through increasing the range of products offered to meet customers' needs. Lately, the board of directors has approved an increase in paid up capital to reach US$275 millions and authorized capital by US$ 500 million."