Solidarity and Doha Insurance announces the launch of 'Doha Solidarity'

The new Takaful Branch is the outcome of a strategic partnership between the Bahraini Takaful company, Solidarity, and the Qatari insurance company, Doha Insurance Company. 'Doha Solidarity' will serve as Doha Insurance Company's new Takaful branch in Qatar.

Through the formation of 'Doha Solidarity', Solidarity will be able to offer its full range of Sharia'h Compliant General Takaful products and services (General Islamic Insurance products) to the Qatari market. In addition to the range of market-specific General Takaful products on offer, Solidarity will also provide Doha Insurance Company's new Takaful branch with an experienced and highly trained management team.

Mr. Abdulla Sharif Al Rayes has been appointed to the position of Executive Manager, 'Doha Solidarity' by the Executive Committee of both founding companies. Prior to his new appointment Mr. Al Rayes headed Solidarity's - General Takaful Marketing department and has over nineteen years of experience in the insurance industry.

Mr. Al Rayes's appointment is expected to help complete the formation of the senior management team at Doha Solidarity. Solidarity's alliance with Doha Insurance Company underlines the company's commitment to strategic growth and expansion in the region and beyond.

"The State of Qatar has witnessed robust growth over the last few years in the financial services industry in general, and Islamic Insurance products in particular. Such products have experienced significant growth due to the increase in customer demand for Islamic financial services. Solidarity identified this increasing demand for quality, innovative and competitive Sharia'h Compliant Takaful products in the Qatari market and sought to meet this need. In partnership with Solidarity we are able to provide our Qatari customers with a diverse range of Sharia'h Compliant insurance solutions. With the support of our strategic partner and by providing the highest level of customer service, we hope to raise awareness of General Takaful products (General Islamic Insurance products) in the State of Qatar,"

said Mr. Bassam Hussain, General Manager, Doha Insurance Company.

Mr. Sameer Al Wazzan, CEO, Solidarity, commented on the launch of 'Doha Solidarity', "The Takaful market is currently experiencing growth fuelled by consumers' increased awareness of the benefits of Takaful; a financial system that contributes to achieving individual, family and society's objectives.

Al Wazzan added "There is a real need for competitive, quality, Sharia'h Compliant Takaful products. However, the market share for Takaful products in the GCC is still relatively modest. Qatar was selected as one of the first GCC states outside of the Kingdom of Bahrain to market our Takaful products, which is the first step to increasing our market share around the region. With Mr. Al Rayes at the helm, we hope to achieve our objectives in Qatar and look forward to steady growth in the Arab states and beyond."

"I am looking forward to the challenge of leading Solidarity's operations in Qatar and am grateful to the Executive Committee's of both Solidarity and Doha Insurance Company for this opportunity. We aim to begin marketing General Takaful products to the Qatari market in early July after we have completed the formation of our senior management team," said Abdulla Al Rayes, Executive Manager, Doha Solidarity Takaful Branch.

Solidarity is a company incorporated under the laws and regulations of the Kingdom of Bahrain with US$100,000,000 in paid up capital. Solidarity main objective 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.