T’azur gets Qatar Financial Centre licence
Manama, September 28, 2009
T’azur Company, a takaful (Islamic insurance) company headquartered in Bahrain, has secured a licence to operate a general takaful business in the Qatar Financial Centre (QFC).
Founded in 2007 by Unicorn Investment Bank and a group of institutional investors from across the GCC, t’azur is the first Islamic general insurance company to receive approval to operate at the QFC.
“The rapidly growing economy of Qatar requires the support of innovative insurance solutions,” said Sh Dr Abdulaziz Bin Naif Al Orayer, chairman of t’azur.
According to the IMF, Qatar is set to be the fastest growing economy in the world; its prospering economy drives the need for advanced banking and insurance products and services.
The Qatar Financial Centre (QFC) was established by the government of Qatar in 2005 to attract international financial services and multinational corporations to grow and develop the market for financial services in the region.
t’azur will be offering its full range of general takaful products including property, engineering, marine, medical and motor, all of which are supervised by t’azur’s Shari’a Supervisory Board.
t’azur’s shareholders consist of blue chip GCC institutions, including Unicorn Investment Bank, The First Investor (the largest Qatari investment banking firm in Qatar) and the Qatar General Retirement and Pension Authority (GRPA).-TradeArabia News Service