12 June 2011
German insurance giant Allianz is casting covetous eyes towards Qatar according to various media reports.

Abdulrahman Khalil Tolefat, Allianz Takaful's chairman, told reporters that the firm was partnering-up with HSBC Amanah in a bancassurance agreement to spread the Allianz brand in Qatar.

Allianz Takaful is a Bahrain-based, wholly-owned Islamic insurance subsidiary of Allianz Group.

Tolefat explained that Allianz Takaful would leverage HSBC Amanah's existing customers in Qatar and offer Shari'ah compliant insurance products through HSBC's branches in the Gulf nation. HSBC was unavailable for comment at the time of going to press.

© The Islamic Globe 2011