Shamil Bank to sell Solidarity Takaful products

Notes and media contacts

About Shamil Bank of Bahrain B.S.C.:

Shamil Bank of Bahrain B.S.C. (Shamil Bank) is a leading Islamic commercial and investment bank incorporated in the Kingdom of Bahrain. The Bank has grown steadily since 1982 to become a leading Islamic financial institution with a shareholding equity of US$ 353 million as at 31 December 2006.

The Bank provides a diverse range of products and services that cater to the financing and investment needs of individuals and institutions. It conducts its business in compliance with the principles of the Islamic Sharia.

Shamil Bank is a subsidiary of Ithmaar Bank B.S.C., a full service investment bank with a paid-up capital of US$360 million. Ithmaar Bank has a 60% shareholding in Shamil Bank.

Shamil Bank operates a network of local branches and maintains a presence in overseas markets through its subsidiary, associated and affiliated companies. Both Shamil Bank and its majority shareholder, Ithmaar Bank, are listed on the Bahrain Stock Exchange.

The Bank has set a strategic mission to become a premier bank, recognized for developing, arranging and distributing superior and value-added products and services that conform to the Islamic principles and meet customer needs.

The philosophy of Islamic finance is based on the redistribution of wealth. Shamil Bank is distinguished by its unwavering commitment to Islamic values and will continue to support the employment of wealth in productive assets, investments, trade and in creating value for the society at large. The Bank is committed to excellence in fulfilling its responsibility and enhancing value to its customers and shareholders.

The Bank's activities are supervised by the Central Bank of Bahrain and a Religious Supervisory Board. The financial statements of the Bank are audited annually and reviewed quarterly by an international audit firm. These statements are subsequently published in the newspapers.

About Solidarity Company:

Established as one of the Largest Takaful Companies in the world with US$ 150 million in paid up capital and US$300 million authorized capital, Solidarity provides Takaful products that comply with Islamic Sharia'h across the globe.

Solidarity is set to capitalize on the success of its opening years by continuing its expansion in to key international markets. To strengthen its current position and achieve the expansion strategy, Solidarity is in the process of increasing its paid up capital to US$ 275 million, and its authorized capital to US $500 million.

Solidarity provides Islamic Financial Planning through a range of Family Takaful saving and investment plans with Takaful Protection Benefits ideally suited for education, retirement and wealth accumulation; in addition to Home Financing and other general safety and protection products to cover various risks.

Solidarity has the resources to deliver unmatched risk management financial solutions, tailored to meet the needs of individuals, families and businesses.

For more information, please contact:

Sharaf Khawaja
Marketing Manager
Shamil Bank
3rd Floor, Seef Tower
Al-Seef District
P.O. Box 3005
Manama, Bahrain
Tel: +973 -17 585082
Fax: +973 -17 585140
Mob: +973 - 367 42723

Bassel Hanbali
Head of Corporate Communications
& Marketing
Solidarity Company, 3rd Floor
Bahrain Chamber of Commerce Building
P.O. Box 18668
Manama, Kingdom of Bahrain
Tel: +973 -17 578793
Fax: +973 -17 578787
Mob: +973 - 39476543
www.solidarity.cc