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Solidarity, one of the largest Takaful companies in the world, has signed a memorandum of understanding with the Saudi-based Ahad Insurance Company, to establish an insurance company that complies with Islamic Sharia’h with SR400 million ($106.66 million) in paid up capital.
The new company will focus on providing general and family related insurance solutions in Saudi Arabia. Ahad founders will be included as part of the licensing application submitted earlier by Solidarity to Saudi Arabian Monitory Agency (Sama).
Saleh Al Omair has been designated as the chief executive officer of the new company.
Al Omair has an extensive experience in the Saudi Arabia insurance market where he worked as general manager of Al-Taj Health Insurance Company that is wholly owned by the NCCI. In addition, Saleh is also the chairman of the National Center for Medical Insurance Standards.
Rashid Al Meer, vice-chairman of Solidarity, highlighted the significant demand for Sharia’h compliant insurance solutions in Saudi Arabia and the region.
He said: “The governments of Saudi Arabia and Bahrain have made remarkable efforts to develop the financial services sector, which in turn has contributed to supporting the economics in both the kingdoms. Signing the memorandum of agreement between Ahad and Solidarity reflects an important step by the private sector to achieve such economic unity.
“With the wide global expansion of Sharia’h compliant insurance solutions, we seek further expansion and reach through providing the utmost safety and protection against a wide range of risks. Solidarity and Ahad will strive to provide a competitive range of family and general insurance products with the highest standards of service possible,” added Al Meer.
Shaikh Ibrahim Mohammed Al Subeaei, deputy chairman of Ahad Insurance Company, said: “Both companies aim to meet the diverse requirements of the clients in the Saudi market. Solidarity and Ahad will focus on offering a comprehensive and diversified range of insurance products and financial solutions that is fully comply with the guiding principles of Islamic Sharia’h. By merging between Solidarity’s industry experience and Ahed’s market knowledge, we will penetrate the market and offer competitive solutions with world class customer services standards.”
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