| 30 Aug 2008 |
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Solidarity set to establish EGP 60 million Egyptian subsidiary
Sameer Al Wazzan CEO Solidarity Group
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Solidarity GroupSolidarity Group
continues regional expansion MANAMA, Bahrain - Solidarity GroupSolidarity Group
, a member of the Ithmaar banking group, has established a subsidiary in Egypt. Solidarity Family Takaful - Egypt SAE has a subscribed capital of Egyptian Pounds 60 million. Operating from its headquarters in Cairo, Solidarity Egypt is set to play a key role in launching innovative insurance solutions to Egypt's growing populationSolidarity's new subsidiary in Egypt will offer a wide range of family Takaful products and services in that vibrant market. "With a growing population and a thriving economy, Egypt offers an immense potential for personal insurance and in particular for family takaful, being a relatively new concept in that market" said Sameer Al Wazzan CEO, Solidarity GroupSolidarity Group. "With our recently announced progress on entry into Saudi Arabia, our move into Egypt marks an important milestone in our global expansion strategy," he said.
is firmly on track to further its growth this year. We intend to establish a branch in the United Arab Emirates soon and are also working toward market entry in Pakistan and Indonesia" said Ashraf Bseisu, Deputy CEO, Solidarity GroupSolidarity Group."Our new subsidiary, Solidarity Egypt Takaful Company, will enable us to raise awareness of Sharia compliant insurance products and promote the benefits of our Family Takaful range to the Egyptian market," he said.
Solidarity Family Takaful Egypt is scheduled to commence operations during the fourth quarter of 2008.
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About Solidarity Group
Solidarity GroupSolidarity Group
, incorporated under the laws and regulations of the Kingdom of Bahrain, has the vision to become the leading international Islamic-oriented financial services group in the world. With an authorised capital of $500 million and a paid up capital of $220 million, the Group oversees and supports its various subsidiaries, associates and joint ventures. With its recently established flagship subsidiaries - Solidarity Family Takaful Company and Solidarity General Takaful Company, both headquartered in the Kingdom of Bahrain, the Group aims to strengthen its financial services offerings, not just in the Middle East, but worldwide. For more information, please contact:
Taimour Raouf
Director, Group Public Relations
Ithmaar Banking Group
Tel: +973 39616434
© Press Release 2008
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