Bahrain Mid East leader in money laundering prevention

According to Wallace, Bahrain has ensured that, by implementing a strict and internationally approved set of regulations, it is winning the challenges set by money launderers.

Wallace, whose main responsibility at Solidarity is to ensure that the various regulatory requirements placed upon the company in all the countries it operates in are fully met, praised the commitment of Bahrain and the BMA in their efforts to eradicate money laundering.

"The Kingdom is extremely committed to ensuring that it remains the financial centre for the Middle East by guaranteeing that it operates to the highest international standards and by promoting a sense of trust and transparency within its businesses," said Wallace.

"Solidarity is fully committed to the work done by the Bahrain Monetary Agency to eliminate the international problem of money laundering. Its prevention is very much in line with the Islamic Shari'ah principles the company is based upon."

Solidarity works on the fundamental basis of the 'Know Your Customer' (KYC) principal and ensures that anyone taking a policy out is subject to stringent background checks that remain constant throughout the policy's lifespan - certifying the money's origin and destination are not illegal.

"By operating the 'Know Your Customer' principle, we can offer our customers additional comfort and security in the knowledge that they are dealing with a company of impeccable reputation and the highest integrity," said Wallace.

"Furthermore, we make sure all our employees are trained in accordance with international business quality standards and this, coupled with a stringent sales format, ensures that we recommend for our customers the most suited and appropriate investment opportunities."

Solidarity is poised to become the largest insurance company in the Kingdom of Bahrain and the largest Islamic insurance company in the world. The company has been set up in direct response to the growing demand for Takaful insurance products across the region.

Designed to operate in full compliance with the guiding principles of Islamic Shari'ah, the newly established Solidarity Insurance is one of the top 10 companies in the Arab world in terms of paid up capital. (US$ 100,000,000).

Solidarity's main focus is on providing Family and Life Takaful products as well as Takaful and Re-Takaful general assurance products across the GCC and selected European, Asian, Middle Eastern and North African countries.