Bahrain-headquartered Solidarity, one of the largest Takaful Companies in the world, has announced the signing of a Term Sheet for Joint Venture Agreement with Malaysia Assurance Alliance Berhad (MAA), for the purpose of applying for a Takaful license in Malaysia, thus allowing them to enter the Malaysian market with their range of Takaful products. The announcement was made during the12th annual World Islamic Banking Conference, where Solidarity was hosting the Takaful Summit, to discuss the key issues affecting the Takaful market today.
Solidarity signed the agreement with MAAH as part of its strategy to expand the number of markets its products are sold in. Solidarity's Islamic insurance and assurance products are currently sold throughout the Gulf and include general and Family Takaful.
Announcing the partnership, Khalid Abdulla Janahi, Chairman of the Executive Committee, Solidarity, highlighted the growing international demand for Islamic Shari'ah compliant Takaful products and the importance of solid partnerships.
"When considering the expanding scope of the Islamic insurance and assurance market, Solidarity is committed to providing clients with the utmost safety and protection, through a diverse range of saving and investment opportunities."
"Aimed at meeting the ever-changing needs of customers, these Takaful products will reach beyond the ordinary to offer unmatched benefits to our customers. In looking to the future, our agreement with MAAH will strengthen our position in the global marketplace and enable MAAH to expand its product offering- this winning combination, will ultimately directly benefit our customers."
From the Malaysian delegation, Tunku Dato' Ya'acob bin Tunku Tan Sri Abdullah, Group Managing Director and Chief Executive Officer, MAAH Holdings said, "Working with Solidarity to bring Sharia'h compliant products to the Malaysian market will provide both companies the opportunity to set new standards and better serve our ever-expanding customer base. We aim to provide products that help preserve, grow and protect the wealth that our customers have been building, supported by fast, personal and reliable service."
He also said that MAA Assurance is the largest composite insurance provider in Malaysia and that the company offers a wide range of life and general insurance products as well as asset management services to its 2.71 million customers in Malaysia.
Incorporated on 2nd September in 1968, MAA Assurance now has 76 branches as well as an agency base of 25,000. In 2001, MAA Assurance was voted "Best Life Insurer in Asia" at the prestigious 5th Asia Insurance Industry Awards.
Solidarity is primed to become the largest takaful company in the world. It has been established as one of the top 10 companies in the Arab world in terms of paid up capital, (US$ 100,000,000).
Solidarity has been set up in direct response to the growing demand for Takaful (Islamic Insurance) products around the world. Its core product offering are general protection products and other long term family related saving and protection products and other related saving and protection schemes such as education of children.
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ABOUT MAA
Listed on the Main Board of Bursa Malaysia Securities Berhard, MAAH is the holding company of Malaysia Assurance Alliance Berhad (MAA Assurance), one of the country's leading insurance companies in terms of annualized new business premiums for life insurance business and total gross premiums for general insurance business.
For more information, please contact:
Bassel Hanbali - Head of Marketing, Solidarity
Tel: +973 17 578777
Fax: +973 17 578787
Email: hanbali@solidarity.cc
Solidarity Enters Malaysian Market
© Press Release 2005
