The signing was to solidify the partnership of Solidarity and MAAH, allowing them to enter the Malaysian market with their competitive range of Sharia'h Compliant Takaful products and expand their market share. The partnership was advised by the consulting group Goldpalm Limited from the UK.
As one of the largest Takaful companies in the World, Solidarity participated on the 2nd international symposium of Takaful in its second year as one of the strategic sponsors. MAAH also pledge its support to the symposium and joint Solidarity as a strategic sponsor.
Solidarity's Islamic insurance and assurance products are currently sold throughout the Gulf and include general and family Takaful products.
"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 provide its clients with safety and protection products along with a diverse range of saving and investment plans with Takaful Protection Benefits customized to meet individual needs," said Sameer Al Wazzan, General Manager, Solidarity.
"By obtaining the Malaysian license in partnership with MAAH, Solidarity is now primed to tap into a region that has a significant potential growth in Takaful. We hope to bring our expertise along with MAAH Market knowledge to reach beyond the ordinary and offer unmatched benefits to our customers."
added Al Wazzan.
MAA International Chairman, James Beltran said Solidarity will give MAA the advantage in creating truly Sharia'h Compliant products that will be beneficial to its customers.
"MAA is primed to become the number one Takaful provider in Malaysia by 2008," he added.
The partnership will augur well for both companies as there is a growing international demand for Sharia'h compliant Takaful products. Solidarity's agreement with MAAH will strengthen its position in the global marketplace and expand its range of product offerings, directly benefiting its customers.
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Posted by Anne-Birte Stensgaard, Senior News Editor
