For the first time in the Middle East Al Barakah Banking Group gets Takaful cover (Islamic Insurance) on the Public Offering of Securities

These Takaful Policies cover the obligations, decisions and business practices, of the directors and officers which might has a direct or indirect influence on the Group's operations.

The announcement release during a signing ceremony held at the Head Office of AL Baraka Banking Group in Manama. The ceremony was attended from Al Baraka Banking Group by Adnan Ahmed Yousif - CEO and Othman Ahmed Suliman - Deputy General Manager, from Solidarity by Sameer Ebrahim AL Wazzan - CEO, Rahul Misra - Head of Non Marine, and Bassel Hanbali - Head of Marketing; along with Essa Mohammed AL Rashid - GM/ Arab Insurance & Reinsurance Intermediaries (Abeer) and Mohammed Essa AL Mutawah - GM/ Al-Amin Bank.

The Takaful Policies of the Public Offering of Securities and the Directors and Officers are considered vital for organizations operating Internationally, mainly in the banking and investment industry, as they reflect transparency and ensure the highest standards of executive management.

The decision taken to have this cover, by Al Baraka Banking Group, reflects the Group's continues effort to apply all means of development and transparency in their national and international operations. Besides, Al Baraka Banking Group considered as one of few institutions in the Arab world willingly to have this Takaful cover that strengthen the relationship with stakeholders.

Solidarity, Takaful Company, offered this Takaful cover through the Group's insurance consultant, Arab intermediaries one of the official intermediaries in the Kingdom of Bahrain and the GCC.

Bahrain based Al Baraka Banking Group has a wide geographical presence in the form of subsidiary banking units in 10 countries, which in turn have more than 200 branches. These banking units are Banque Al Baraka, Algeria; Al Amin Bank, Bahrain; Al Baraka Islamic Bank, Bahrain; The Egyptian Saudi Finance Bank, Egypt; Jordan Islamic Bank; Al Baraka Bank, Lebanon; Al Baraka Bank Ltd., South Africa; Al Baraka Bank, Sudan; Bank Ettamweel Al Saudi Al Tunisia, Tunisia; Al Baraka Turk Participation Bank, Turkey.

On the other hand, Solidarity was established as one of the leading companies in the Arab world with US$ 100 million in paid up capital. The main purpose is to focus on providing Takaful products that comply with Islamic Sharia'h across the globe. Solidarity offers it family and general Takaful products in the GCC, Europe and Asia. Solidarity is one of the largest Takaful Companies in the world and has received a capital injection of US$ 175 million increasing their paid up to US$ 275 million and the authorized capital from US$ 300 million to US$ 500 million.