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Article: Riyadh nod for Solidarity to set up $148m unit.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- August 26, 2008
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MANAMA: Bahrain-based Solidarity Group will soon launch an insurance company in Saudi Arabia.
Solidarity, a member of the Ithmaar banking group and one of the largest takaful companies in the world, has received preliminary approval from the Saudi Arabia Monetary Agency (SAMA) to establish Solidarity Saudi Takaful Company, an associate of the Solidarity Group with an authorised and paid-up capital of 555 million Saudi riyals ($148m).
Solidarity's new Saudi company will initially provide general takaful and family takaful services through dedicated branches in Riyadh, Jeddah and Al Khobar.
Sixty per cent of Solidarity Saudi Takaful Company's ...