Bahrain based Islamic Insurance Company granted license to operate in Malaysia

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This new license allows both organizations to extend Takaful product lines and services into the Malaysian market.

Solidarity and MAAH announced their intention to apply for a Takaful license in Malaysia at the 12th Annual World Islamic Banking Conference held in the Kingdom of Bahrain in November 2005.

The move by Bank Negara to issue more licenses is in line with its corporate strategy to liberalize the financial services industry in Malaysia. Under the terms of the agreement outlined by Bank Negara, Solidarity and MAAH have been granted one of 4 new licenses, and will be amongst a pool of only 9 institutions licensed to market Takaful products in Malaysia.

'When considering the expanding scope of Islamic insurance and the phenomenal growth rate of the industry over the past five years, Solidarity is more than ever committed to providing its clients with safety and protection through a diverse range of saving and investment plans with Takaful Protection Benefits customized to meet their individual needs,' said Khalid Abdulla Janahi, Chairman of the Executive Committee, Solidarity

In applying for the Malaysian license in late-2005, Solidarity looked to expand the number of markets its products are sold in due to the growing international demand for Shari'ah compliant Takaful products. Solidarity's Islamic insurance and assurance products are currently sold throughout the Gulf and include General and Family Takaful.

'By obtaining the Malaysian license in partnership with MAA Holdings, Solidarity is now primed to tap into a region that has historically had a low penetration rate in terms of Takaful. We hope to bring our expertise and high business standards to the Malaysian market and reach beyond the ordinary to offer unmatched benefits to our customers.' added Janahi.

MAA Assurance is currently one of the largest composite insurance providers in Malaysia and offers a wide range of life and general insurance products as well as asset management services to its 2.71 million customers in Malaysia. Incorporated on 2nd September in 1968, MAA Assurance now has 76 branches as well as an agency base of 25,000. In 2001, MAA Assurance was voted 'Best Life Insurer in Asia' at the prestigious 5th Asia Insurance Industry Awards.

Solidarity is primed to become the largest takaful company in the world. It has been established as one of the top 10 companies in the Arab world in terms of paid up capital, (US$ 100,000,000).

Solidarity has been set up in direct response to the growing demand for Takaful (Islamic Insurance) products around the world. Its core offering are general safety and protection products such as: motor, health, home, engineering and marine; and other long term family related saving and investment plans such as retirement, education, and general savings schemes.