Joint venture between Qatar and Bahrain to establish Takaful Al Jisr Tamin

Qatar and Bahrain have come into a joint venture designed to establish an insurance company, Jisra Tamin Al Takaful. According to recent media reports, the insurance company emanating from a joint venture will have a paid-up capital of 250 million QAR (69 million USD). With the latest administrative procedures being in progress, the final entity will be held at 20% by each of the two states, with the remaining 60% being subject to a takeover bid. The new company will be based in Doha and will be opening an office in Bahrain. It will be operating in major non-life classes of business.