Establishment of new takaful insurance companies

New Companies

• The new Islamic Reinsurance company Methaq Reinsurance Company (Methaq Re) will be launched in Bahrain during the course of the year 2004. The company will be endowed with an authorised capital of 300 million USD, a 100 million of which is deposited, and 20% coming from the Saudi underwriter Methaq
• Medgulf inaugurated its new entity in charge of operations in Bahrain. The new company, endowed with a 32.2 million USD capital, will target the Takaful market.
• The Al Ahli Takaful company, set up with a 2.65-million-USD capital by the Saudi bank, National Commercial Bank (NCB) and the German financial group FWU, was granted its license by BMA.

BMA granted 17 licenses to companies in the insurance sector in 2003.