Solidarity turns attention to global market

Newly appointed Smith predicts 15-20% annual growth in the global Takaful market, which was worth US$ 678 million in annual premiums in 2001. He added that Solidarity's rapid expansion is directly prompted by the increasing requirement for Takaful products around the world.

"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 many markets are so dynamic and diverse, numerous methods are causing a financial aggravation on an individual basis, so the need for these Shari'ah compliant products and services is greater than ever," said Rob King, General Manager, Family Takaful, on announcing the appointment of Andrew Smith.

"It is therefore imperative that we assess and implement the right channels for the distribution of our products to ensure the market has the best access to these quality Takaful products."

Smith has identified five major channels to distribute Solidarity's Family Takaful products which include Direct Sales Force, Banks, Independent Brokers, the internet and Call Centres

"It is paramount that we choose the right blend of distribution methods for each individual country, to ensure that we adhere to legislation but also to the consumer's needs," said Smith.

Solidarity has already signed an exclusive distribution agreement in Qatar with Qatar Islamic Bank and in Bahrain, distribution is through both Shamil Bank of Bahrain and a direct sales force.

"We are immediately looking at building on the Bahraini and Qatari markets as well as entering the UAE, Saudi Arabia, Lebanon, Kuwait, Oman, Egypt and the UK," said Smith. "We are also looking closely at Morocco, Yemen, Iran, Pakistan, the European Union and the lucrative Far East markets."

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).