Solidarity Insurance and Assurance Islamic Company will start its activities

Solidarity Insurance and Assurance Islamic Company, the new Islamic insurance company will start operating during the first quarter of 2004.
The company based in Bahrain will target the Bahraini and Saudi markets before extending its activities to the rest of the Middle East, the Maghreb and South East Asia.

With an authorized capital of 300 million de dollars US, 100 million of which were already paid, Solidarity will be headed by two managing directors: Mr. Samir Al Wazzan, for insurance and reinsurance, et Mr. Robert King for individual insurance. The Chair of the Executive Board is Mr. Khalid Ben Ahmed Al Suwaidi.

Solidarity has recently acquired three companies: Takaful Islamic Insurance Company (TIIC) established in Saudi Arabia, an insurance company based in Luxembourg and a reinsurance company from the Bahamas.