MANAMA: The Central Bank of Bahrain (CBB) and Germany's Allianz Group yesterday announced the launch of Allianz Takaful (Bahrain), a wholly-owned subsidiary of the world's second largest insurer.
The CBB earlier this year, granted a licence for the establishment of Allianz Takaful (Bahrain), which will undertake family takaful with a focus on life insurance, investment-linked insurance as well as health and medical insurance.
"The CBB is delighted to welcome the Allianz Group to Bahrain and we look forward to a close working relationship with Allianz Takaful (Bahrain)," said CBB deputy governor Anwar Khalifa Al Sadah.
Allianz said its plans for Bahrain also include the proposed establishment of the company's central office, which will monitor, support, guide and control the various insurance operations of Allianz throughout the Middle East and North Africa region as well as in the Indian subcontinent.
Allianz has established the Middle East as its third major growth region, in addition to Asia Pacific and New Europe.
"The insurance business, in general, and takaful, in particular, is a developing business opportunity with tremendous potential throughout the Mena region," Mr Al Sadah added.
"We at the CBB strive to ensure a conducive, business-friendly environment that not only protects the integrity of our financial sector but also enables CBB licencees to deliver the growing demand for financial services, including insurance and takaful," he said.
Mr Al Sadah will today welcome Allianz holding company board member Dr Werner Zedelius, and new Bahrain-based regional chief executive Sam Ghosh to the kingdom.
"We see huge potential to realise profitable growth in the region. Customer demand for insurance and financial services in the Middle East is rising, and Allianz traditionally enjoys a very good reputation in the region," said Dr Zedelius.
"With the Middle East as our third major growth region, we will elevate our presence there to a new level and set the course for internal and external growth."
"The CBB is confident that the entry of international players, such as Allianz, in the region's insurance market will help unlock the insurance opportunity and develop the industry to its full potential," added CBB director of financial institutions supervision Abdul Rahman Al Baker.