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Article: United Arab Emirates: Solidarity obtains initial approval to establish Islamic insurance firm.
- Article from:
- TendersInfo
- Article date:
- August 26, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
Solidarity Group has received preliminary approval from the Saudi Arabia Monetary Agency (Sama) to establish the Solidarity Saudi Takaful Company, an associate of the Solidarity Group with an authorised and paid-up capital of 555 million riyals. Solidarity is a member of the Ithmaar group and one of the largest Takaful companies in the world.
The new Saudi company will initially provide general Takaful and family Takaful services through dedicated branches in Riyadh, Jeddah and Khobar. Sixty per cent of Solidarity Saudi Takaful Company's capital will be contributed by Solidarity and other high-profile Saudi founders with Solidarity ...