Global Insurer AIG Launches New Takaful Venture, AIG Takaful
Recognising the diversity and growth of the Takaful insurance market, international insurance leader AIG launched AIG Takaful today, a regional company headquartered in Bahrain, providing Shariah compliant insurance solutions (Takaful). AIG Takaful will provide a range of Takaful products, including accident & health, motor, personal contents, property and casualty.
Charles Bouloux, Chairman AIG Takaful said at the launch today: “The phenomenal growth of the Takaful market is something that AIG, as a market leader, recognizes. We want to support this growth and offer socially responsible insurance solutions to consumers in this region.”
”AIG’s management has a philosophy of acting responsibly and providing quality service to corporations and consumers,” Charles Bouloux continued. “We have a recognized ability to introduce innovative and culturally sensitive products focused on local market conditions, and we believe that this will enhance the overall development of the Takaful industry in this region.”
AIG Takaful, was licensed by the Central Bank of Bahrain (CBB), formerly known as the Bahrain Monetary Agency, in July 2006.
AIG Takaful’s Shariah Supervisory Board is comprised of well-known Shariah scholars, Sheikh Nizam Yaquby, Dr Mohammed Elgari and Dr Imran Usmani.
The launch in Bahrain was attended by several top officials from the CBB, including Mr. Rasheed Mohammed Al Maraj, Governor; Mr. Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision and Mr. Ahmed Al Bassam Director, Licensing & Policy.
Commenting on the occasion, Mr. Al Maraj said: “We welcome the interest shown by a leading firm such as AIG in supporting the growth of takaful and in choosing Bahrain as the headquarters for its takaful subsidiary.
“CBB has worked hard to create a strong, market-friendly regulatory framework which, we believe, is essential for the sound growth of Bahrain’s insurance sector, including takaful, and a precondition for attracting reputable insurance companies to locate in Bahrain.”
AIG Takaful, a member company of AIG, also benefits from AIG’s disciplined global underwriting standards and 87 years of experience in delivering innovative insurance solutions to the international community through a network that currently spans more than 130 countries, reaching 65 million customers.
“AIG continues to build on its history as a pioneer in the region with the launch of AIG Takaful,” Charles Bouloux continued. “As a world insurance leader, we see AIG Takaful as an investment in the future of socially responsible insurance. Launching our flagship headquarters in Bahrain today is just the start.”
American International Group Inc. (AIG), world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance network of any insurance company. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed in the U.S. on the New York Stock Exchange as well as the stock exchange in London, Paris, Switzerland and Tokyo.
About the Central Bank of Bahrain:
The Central Bank of Bahrain (CBB), previously the Bahrain Monetary Agency, is the central bank and single regulator for the financial services industry in the Kingdom of Bahrain, the premier international financial centre in the Middle East. The CBB came into existence on 7 September 2006, following the enactment of the new Central Bank of Bahrain and Financial Institutions Law (CBB Law), which governs the activities of the Central Bank of Bahrain (CBB).
As the successor organization of the BMA, the CBB has assumed all the rights and obligations of the now-defunct BMA.
The CBB is committed to carrying forward the sterling work of the BMA in maintaining a sound and stable financial system and in fostering the growth of Bahrain’s financial services industry, which has, in turn, supported the growth and development of the national economy.
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