T'azur Company, a new takaful provider, has been granted a licence to operate by the Central Bank of Bahrain, it was announced on Monday.
T'azur will offer Shariah compliant life, medical and general insurance and has an authorised capital of US$500 million.
Bahrain's Unicorn Investment Bank is a founding investor in the company, which also has institutional investors from Qatar, Saudi Arabia, Bahrain and Kuwait.
Majid Al Sayed Bader Al-Refai, CEO and managing director of Unicorn, said: "The founding of T'azur marks the culmination of over two years of intensive research, due diligence and capital raising on the part of Unicorn's takaful division and is a response by Unicorn to a clear gap in the market for a major regional takaful player able to meet the demands of a marketplace that continues to grow in geographical span, penetration level and sophistication."
T'azur will be backed by A-rated reinsurance and plans to underwrite its first policies by the end of this year.
The company's CEO will be Bernhard Schluep, who previously worked for Zurich Financial Services Group in New York and Switzerland.
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