The Bahrain-based Islamic investment bank, Gulf Finance House (GFH), has raised $100 million through private placement to establish Solidarity, an insurance firm that will provide general Islamic life insurance products (takaful), and assurance, or saving schemes.
Founded by the Geneva-based Dar Al-Maal Al-Islami (DMI), Qatar Islamic Bank, Bahrain's Pension Fund Commission and GFH, Solidarity will be operational by March-end. By March, company officials expect Solidarity’s capital to reach $150 million, and then to double by 2006.
Several strategic investors from the United Arab Emirates (UAE), Iran, Saudi Arabia and Kuwait have submitted offers for subscriptions. These offers are currently reviewed and a decision is expected in a month time.
Solidarity will be listed on the Bahrain Stock Exchange, Qatar Stock Exchange and have a cross listing on the Kuwait Stock Exchange, Jordan Stock Exchange and the Oman Stock Exchange. A general subscription will be offered during the third quarter of 2003.
Based in the one billion dollar Bahrain Financial Harbour, Solidarity will target ten markets abroad—Saudi Arabia, Kuwait, UAE, Qatar, Iran, Yemen, Pakistan, Egypt, Lebanon and Morocco. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
