Solidarity signs technical support partnership with Friends Provident International

The partnership with FPIL is part of the company's long term expansion strategy to become the leading global takaful provider.

"Takaful is primed to be the next financial explosion. The development of takaful offers over 1 billion Muslims the opportunity to help plan for their financial future with the knowledge it is Sharia'h compliant. The principle at the heart of takaful is to provide protection to those individuals who need it most, a principle in line with the fundamental tenets of Islam," said Rob King, General Manager, Solidarity - Family Takaful.

Announcing the agreement at the Solidarity Headquarters in Bahrain, King highlighted the benefits the partnership would bring to customers and the worldwide takaful industry.

"This partnership allows Solidarity - Family Takaful access to the leading technical and administrative systems FPIL has to offer. The partnership is aimed to further hone and develop Solidarity - Family Takaful's resources and methods, allowing for increased services and benefits to our consumers and the global market".

The Friends Provident Group has been a leader in the financial service industry for over 170 years and was one of the first companies to provide life insurance and other related products to private individuals. The company has more than £118 billion funds under management, over 3,900 staff and in excess of three million policies and accounts worldwide.

Speaking at the ceremony, Friends Provident International's Paul Tunnicliffe, Director of International Operations, highlighted the reasoning for the joining of the two financial powerhouses.

"Friend's Provident was keen to develop a partnership with Solidarity - Family Takaful because of the company's well respected reputation, inventive products and impressive client focused infrastructure.

"Both our companies have the core philosophy of aiming to accommodate the diverse individual needs of our clients by providing a comprehensive range of financial products, and to generate satisfactory rates of return for shareholders and policyholders alike."

Solidarity - Family Takaful, which is designed to operate in full accordance with the guiding principles of Islamic Sharia'h, 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).

"Solidarity - Family Takaful is also primed to become the largest Insurance Company in the Kingdom of Bahrain and the largest takaful Company in the world through their beliefs and their right network of partners," Tunnicliffe added.

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.

"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 Sharia'h compliant products and services is greater than ever," said King.

"Through this partnership with Friend's Provident International we are declaring to the world our commitment to driving the takaful industry forward by serving the expansion and future of this Islamic system globally and through supplying the best possible protection solutions to our customers."