Tokio Marine is planning its entry on the Saudi takaful market

Tokio Marine Middle East, based in Dubai, has set foot on the Saudi market in association with other investors. The new insurer, named Alinma Tokio Marine KSA, is partly detained by Saudi Basic Industries Corporation (SABIC, the world’s biggest petrochemical exporter), Alinma Bank and other small local investors. The company’s starting capital amounts to 100 million SAR (26.7 million USD). In accordance with Saudi law, a 20% stake in the capital has been listed on the financial markets. The company will be providing an exhaustive range of life and non-life insurance products through the Alinma Bank network with development prospects in other countries in the region.