Solidarity-Family Takaful holds its first seminar on Islamic Financial Planning

The seminar was attended by several locals and residents, who wanted to understand Takaful and to learn more about the latest saving, investment, and protection Takaful plans, which are fully compliant with the guiding principles of Islamic Sharia'h.

These seminars are aimed at educating the public from Bahraini's to expatriate residents in the kingdom, about the importance of financial planning, and what it presents in support of a better economic future for all. Mr. Feda Salameh, Head of Training and Development at Solidarity-Family Takaful, spoke about the importance of financial planning from an Islamic perspective, and highlighted the differences between Takaful, Islamic insurance, and conventional insurance. Mr. Salameh also highlighted the significance of Takaful saying: "Takaful is the philosophy of pooling economic resources to help those who are less fortunate. It is based on the principles of compensation and sharing responsibilities towards a society such that a good life is provided, and dignity is reserved for all individuals, families, and society in general."

The seminar discussed the various saving, investment, and protection aspects of Takaful plans which fully comply with the fundamentals of the Islamic Sharia'h. Mr. Salameh also added: "There is a primary stage where contributions are divided into two accounts: an account which is allocated to investors in which their money is invested based on their request, and another in which Takaful contributions are combined such that the contributors benefit themselves. This cycle runs in accordance to the "Wakalah" Sharia'h principle, which is aimed at protecting investors from unexpected risks, and sudden losses."

The seminar was attended by Solidarity senior management team; among them is Mr. Ziad Areykat, General Manager of Asset Management, Mr. Andrew Smith, and Mr. Bassel Hanbali Head of Marketing. The latter stated "in accordance to our slogan, Because Life is all about Sharing Responsibilities, and in accordance to all of the developments which the Kingdom is facing in many sectors, especially the real estate and financial sector, such as the upcoming Bahrain Financial Harbour and the Bahrain International Insurance Centre, and from its legislative role in facilitating investment, Solidarity - Family Takaful works at implementing its social role in supporting the community through educating the public about Islamic Financial Planning: saving, investment, and protection, and the major role it plays in the economical development of our society."

Mr. Hanbali added: "Solidarity strides to, along with the support of the Bahrain Financial Harbour, to contribute in this major developmental fete, in its attempt to advance, and to support the Kingdom of Bahrain in becoming the front of the Arab economy, and to continue being the capital of financial services in the Middle East."

Mr. Rob King, the General Manager of Solidarity - Family Takaful stated: "We have received several inquiries in regards to the upcoming seminars. Many have registered to attend the seminar, which proved to us that there is plenty of awareness from both Muslim nationals and expatriates who wish to attend our seminar, and to learn more about the importance of Islamic Financial Planning for them and the community."

The seminar demonstrated the importance of financial planning by discussing the various saving and investment plans which offer protection benefits for its subscribers."

Solidarity - Family Takaful, with the support of the BFH, is holding these seminars in both Arabic and English on several dates to provide better opportunity for large numbers to attend.