Solidarity set to establish EGP 60 million Egyptian subsidiary |
|
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 population Solidarity'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.
"Solidarity GroupSolidarity Group 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.
-Ends-
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
Comment on this article 
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Nissan Motor Egypt | Egypt | Transportation Products |
| KIA Motors Saudi Arabia | Saudi Arabia | Transportation Products |
| Ministry of Health - Saudi Arabia | Saudi Arabia | Ministries and Municipalities |
| Al Rashid Trading and Contracting Company | Saudi Arabia | Construction and Design |
| Al Azizia Panda United Company | Saudi Arabia | General Retailers |
| Dodsal Engineering and Construction | UAE | Construction and Design |
| Saudi Arabian Oil Company | Saudi Arabia | Oil |
Projects
| Project Name | Country | Sector |
| Ras Girtas Power Company - Ras Girtas IWPP | Qatar | Power and Water |
| IGD - Gasco - Habshan 5 Gas Processing Plant | UAE | Oil and Gas |
| Emirates Aluminium (EMAL) - Smelter Complex | UAE | Industry |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Qatar Foundation - Sidra Medical and Research Center | Qatar | Real Estate |
| Aramco/Dow Chemical - Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| Abu Dhabi Ports Company - Khalifa Port and Industrial Zone (KPIZ) | UAE | Infrastructure |
| SATORP- Jubail Refinery and Petrochemical Complex - Conversion Unit and Sulphur Package (Part 2) | Saudi Arabia | Oil and Gas |