Wednesday, August 29, 2007

Saudi Arabia: Solidarity signs MOU with Ahad Insurance

from Mena Report

Sameer Al Wazzan and Saleh Al OmairSolidarity, one of the largest Takaful Companies in the world, signed a memorandum of understanding with Ahad Insurance Company, headquartered in the kingdom of Saudi Arabia, to establish an Insurance company, that complies with Islamic Sharia’h, with 400 million Saudi Riyals (some US#106 million) in paid up capital ... On his designation as the CEO of the new company, Mr. Saleh Al Omair said: “The idea of setting up an insurance company in the Kingdom of Saudi Arabia came in response to the growing demand for insurance products that comply with Islamic Sharia’h. Solidarity and Ahad will offer family related insurance plans suitable for retirement, children's education wealth accumulation, mortgage protection and corporate saving schemes. In addition, they will offer protection solutions for individual and commercial lines including motor, medical, engineering, marine, property and others”.

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