Solidarity signs Memorandum of Understanding with Doha Insurance Company

Solidarity applied to the Ministry of Economy & Commerce, Qatar for a Takaful licence which would allow them to register an Islamic insurance branch to operate in Doha and thereby enter the Qatari market with their range of Sharia'h compliant Takaful products.

Solidarity's Islamic insurance and assurance products are currently marketed in most GCC countries and include general and family Takaful. The Company's alliance with Doha Insurance underlines Solidarity's commitment to strategic growth across Arab nations. Signing the MOU in Doha, Qatar were Mr. Khalid Abdulla Janahi, Chairman of the Executive Committee, Solidarity and H.E. Sheikh Nawaf Nasser bin Khalid Al Thani, Chairman, Doha Insurance.

"Qatar has witnessed robust growth in the business sector over the past few years in the financial services industry and especially in Takaful products. Economic indicators show that Takaful will experience significant growth due to the increase in customer demand for Islamic financial services. Solidarity identified the increasing demand for quality, innovative and competitive Sharia'h compliant Takaful products in the market and set out to fill this need,"

said Mr. Khalid Janahi, Chairman of the Executive Committee, Solidarity.

Established in November 2000, with a paid up capital of US $ 35 million, Doha Insurance has shown impressive results in the six years since its inception and is poised to become a major player in Qatar's insurance industry. H. E. Sheikh Nawaf Al Thani, Chairman, Doha Insurance, emphasized the importance of forging key alliances to tackle the rising demand for Islamic insurance products in the region.

"The Takaful market (Islamic Insurance) is currently experiencing a growth spurt fuelled by consumers increased awareness and demand for Sharia'h compliant general protection and family related saving and investment products. However, the market share for Takaful products is still relatively low in Qatar compared to other Arab countries.

'Our strategic partnership with Solidarity will assist us in tapping the potential that exists in the Takaful market as well as contributing to our accelerated growth as a company by extending our reach to a wider customer base," concluded H.E. Sheikh Nawaf.