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Friday, November 13 - 2009

At the 2nd International Symposium on Takaful, Held in Malaysia, Solidarity and MAAH to start operation in the Malaysian market

Solidarity, one of the largest Takaful companies in the world, and MAA Holdings (MAAH) the holding company of Malaysian Assurance Alliance Berhad (MAA Assurance), one of Malaysia's leading insurance companies, held a Joint Venture signing ceremony during the 2nd International Symposium on Takaful to formalized its partnership and start operation.

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Solidarity and MAAH were recently granted a Takaful license by Bank Negara Malaysia, the Central Bank of Malaysia, allowing both organisations to extend Takaful products into the Malaysian market, making the partnership one of only nine institutions licenced to market Takaful products in Malaysia to date.

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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Notes and media contacts

For more information, please contact:
Bassel Hanbali, Marketing Manager
or
May Marzooq, Marketing Communication Officer
E-mail: Mobile: +97339069090
Tel: +97317578777
Fax: +97317578787

About Solidarity
Established as one of the leading companies in the Arab world with US$ 100,000,000 in paid up capital, Solidarity is poised to become the largest Takaful Company in the world.

Solidarity is a company incorporated under the laws and regulations of the Kingdom Bahrain. Our main purpose is to focus on providing Takaful products that comply with Islamic Sharia'h across the GCC and selected Middle Eastern, Asian, and European countries.

Solidarity has been set up in direct response to the growing demand for Family and General Takaful products across the region. Realizing the scope of this unique and ever-expanding Islamic system of insurance and assurance, Solidarity is poised to lead the way in providing a diverse range of prudent saving and investment opportunities with Takaful Protection Benefits - designed to give the ultimate peace of mind - ideally suited for retirement, wealth accumulation, education, and other family and individual plans. Along with the family related plans, Solidarity provides the utmost safety and protection against the widest possible risks through a range of General Takaful products like: Motor, Home, Marine, and health.

About MAAH:
Listed on the Main Board of Bursa Malaysia Securities Berhad, MAAH is the holding company of Malaysian Assurance Alliance Berhad (MAA Assurance), one of the country's leading insurance companies in terms of annualised new business premiums for life insurance business and total gross premiums for general insurance business.

MAA Assurance is the largest composite insurance provider in Malaysia and the company 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 1968, the company 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.

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