Solidarity, Ahad launch Saudi insurance firm

Solidarity, the Bahraini Takaful (Islamic insurance) company, has joined forces with Ahad Insurance to establish an Islamic insurance company in Saudi Arabia.

The new company, offering general and family related insurance plans will launch with a capital of 400 million Saudi riyals ($107million).

Saleh Al Omair, a former general manager at Al-Taj health insurance and chairman of the National Centre for Medical Insurance Standards, has been named CEO.

Rashid Al Meer, vice chairman at Solidarity said demand for Shariah compliant insurance solutions was significant in Saudi Arabia and the region.

“Both governments of Saudi Arabia and Bahrain made remarkable efforts to develop the financial services sector, which in turn has contributed to supporting the economics in both Kingdoms. Signing the memorandum of agreement between Ahad and Solidarity reflects an important step by the private sector to achieve such economic unity,” he said.

Al Omair said: 'The idea of setting up an insurance company in the Kingdom of Saudi Arabia came in response to the growing demand for insurance products that comply with Islamic Sharia'h. Solidarity and Ahad will offer family related insurance plans suitable for retirement, children's education wealth accumulation, mortgage protection and corporate saving schemes. In addition, they will offer protection solutions for individual and commercial lines including motor, medical, engineering, marine, property and others.'

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