Solidarity to set up Egyptian takaful unit
Manama, August 30, 2008
Solidarity Group, a member of the Ithmaar banking group, has established a subsidiary in Egypt, Solidarity Family Takaful – Egypt SAE with a subscribed capital of EGP60 million ($11 million).
Operating from its headquarters in Cairo, Solidarity Egypt is set to play a key role in launching innovative insurance solutions to Egypt’s growing population, said a company official.
Solidarity’s new subsidiary in Egypt will offer a wide range of family Takaful products and services in that vibrant market, said Sameer Al Wazzan CEO, Solidarity Group.
“With a growing population and a thriving economy, Egypt offers an immense potential for personal insurance and in particular for family takaful, being a relatively new concept in that market,” he noted.
“With our recently announced progress on entry into Saudi Arabia, our move into Egypt marks an important milestone in our global expansion strategy,” he added.
Al Wazzan pointed out that Solidarity Group was firmly on track to further its growth this year.
'We intend to establish a branch in the UAE soon and are also working towards market entry into Pakistan and Indonesia,” said Ashraf Bseisu, deputy CEO, Solidarity Group.
“Our new subsidiary, Solidarity Egypt Takaful Company, will enable us to raise awareness of Sharia- compliant insurance products and promote the benefits of our family takaful range to the Egyptian market,” he said.
Solidarity Family Takaful Egypt is scheduled to commence operations during the fourth quarter of 2008.-TradeArabia News Service