Solidarity signs agreement with Shamil Bank of Bahrain

Announcing the partnership, Mohamed Hussain, Deputy Chief Executive, Shamil Bank of Bahrain, highlighted the growing demand for Islamic Shari'ah compliant Takaful products in the region.

"Takaful products are in huge demand because they rely so heavily on the virtue of fairness and are concurrent with the teachings of Islam. As we now live in such a dynamic and diverse market, many methods are causing a financial frustration on an individual basis, so the need for these Shari'ah compliant products and services is greater than ever," said Hussain.

Shamil Bank of Bahrain signed the agreement as part of its strategy to increase the services available to its customers by providing Family Takaful Products.

"By signing this agreement with Solidarity, we are helping to build a sound future for individuals, families and the community, by enabling people to fulfil their basic rights to protect family life, property, peace of mind, and their dignity and honour," said Hussain.

"Shamil Bank has leveraged itself as the leading Islamic Banking Institution in the region and this agreement ensures we continue to lead the market. Our ability to repeatedly deliver innovative and well thought out products, whilst adhering to the Islamic principles of Shari'ah, has meant that the bank has developed a solid and respected reputation with customers and investors alike."

Solidarity is primed to become the largest Insurance Company in the Kingdom of Bahrain and the largest Takaful Company in the world. It has been newly established as one of the top 10 companies in the Arab world in terms of paid up capital, (US$ 100,000,000).

"Shamil Bank is one of the pioneering institutions in the Middle East for Islamic financing solutions," said Rob King, General Manager, Family Takaful, Solidarity.

"Both our companies aim to accommodate the diverse individual needs of clients by providing a comprehensive range of traditional and modern products in accordance with Islamic Shari'ah principles and to generate a satisfactory rate of return for shareholders and policyholders alike".

Solidarity has been set up in direct response to the growing demand for Takaful products around the world. Its core product offering will be long term savings related assurance such as savings schemes for the education of children.

"Solidarity's principal objective is to be the leading Takaful company globally by providing a full range of Family Takaful and General Takaful and Re-Takaful products to the highest standards possible," said King.

Already having a presence in Bahrain and Qatar, Solidarity is looking at moving into thirteen countries over the next three year period including Lebanon, UAE, Egypt, Pakistan, Saudi Arabia, Iran, Oman, Yemen, Morocco, UK and Luxembourg.