Solidarity looks to the future after successful 2004

Having developed a strong presence in both their native Bahrain and Qatar, Solidarity - Family Takaful is keen to expand its influence into the emerging markets of the Middle East & North Africa (MENA) region and the United Kingdom. King said this rapid expansion is being driven by the increasing requirement for Takaful products around the world.

"Takaful is one of the fastest growing insurance vehicles in the world, with a predicted 15 -20% growth per annum. Its popularity is directly related to its dependence on the values of fairness based on the guiding principles of Sharia'h law, coupled with attractive financial returns for all involved parties," said Chris Walls, Solidarity - Family Takaful's newly appointed Head of Business Development.

He added that business development is paramount in entering new markets to ensure that the products offered are tailored to the highest standards of consumer expectation and can be distributed through accredited channels.

"Through extensive market assessment and opportunity identifications, we are confident that these markets are ready for well structured and consumer friendly, ethical insurance solutions," said Walls. "Despite these markets having varying degrees of knowledge about takaful, there is a desire to move away from ethically regressive protection means, opting for consumer driven products that compliment the holistic nature of Islam."

The key markets that Solidarity - Family Takaful are looking to enter in over the next 12 month period are Lebanon, Saudi Arabia, Kuwait, Morocco, UAE, Iran, Pakistan and the United Kingdom.

"These countries are part of a bigger picture that will see the company move into Europe, the Far East and further into the MENA region over the next three year period.

"As the world warms to this sound Takaful (Islamic insurance) vessel, there is going to be a continuing need to accommodate the diverse individual needs of clients by providing a comprehensive range of products in accordance with Islamic Sharia'h principles and to generate a satisfactory rate of return for shareholders and policyholders alike," added King.

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).