Saudi Arabia: Solidarity signs MOU with Ahad Insurance
Solidarity, one of the largest Takaful Companies in the world, signed a memorandum of understanding with Ahad Insurance Company, headquartered in the kingdom of Saudi Arabia, to establish an Insurance company, that complies with Islamic Sharia’h, with 400 million Saudi Riyals (some US#106 million) in paid up capital.
The memorandum of understanding states the establishment of Sharia’h compliant insurance company designed to focus on providing general and family related insurance solutions in the kingdom of Saudi Arabia. Ahad founders will be included as part of the licensing application submitted earlier by Solidarity to Saudi Arabian Monitory Agency (SAMA).
Mr. Saleh Al Omair has been designated as 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 also is the Chairman of the National Center for Medical Insurance Standards.
In announcing the partnership, Mr. Rashid Al Meer, Vice - Chairman of Solidarity Board of Directors, highlighted the significant demand for Sharia’h compliant insurance solutions in the kingdom of Saudi Arabia and the region. He said: “both governments of Saudi Arabia and Bahrain made remarkable efforts to develop the financial services sector, which in turn has contributed to supporting the economics in both 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.
On the other hand, Shaikh Ibrahim Mohammed Al Subeaei, Deputy Chairman of the Board of Directors 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”.
On this occasion, Mr. Sameer Ebrahim Al Wazzan, CEO Solidarity said: "The choice of setting up an insurance company with Ahad, is the result of a common objective between both organizations that mirrors the understanding of clients’ needs in the Saudi Market and satisfying the demand for competitive and diversified insurance solutions”.
On his designation as the CEO of the new company, Mr. Saleh Al Omair said: “The idea of setting up an insurance company in the Kingdom of Saudi Arabia came in response to the growing demand for insurance products that comply with Islamic Sharia’h. Solidarity and Ahad will offer family related insurance plans suitable for retirement, children's education wealth accumulation, mortgage protection and corporate saving schemes. In addition, they will offer protection solutions for individual and commercial lines including motor, medical, engineering, marine, property and others”.
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