Al Wazzan talks about the challenges and opportunities of Takaful at the 20th FAIR Conference
Solidarity, one of the largest Takaful companies in the world, supported the Federation of Afro-Asian Insurers and Reinsurers at their 20th FAIR conference in Morocco - Marrakech with a paper by Sameer Ebrahim Al Wazzan, CEO - Solidarity.
Al Wazzan spoke about the challenges facing the Takaful industry and means to overcome these challenges while building solid infrastructure through developing products and services that compete and complement amongst other financial solutions.
The 20th FAIR conference is considered as one of the largest insurance conferences in the region that focuses on industry related issues where experts meet to share knowledge and experiences. The conference took place in Marrakech - Kingdom of Morocco from the 18th to the 20th of October 2007. Industry experts discussed the evolution of insurance and its effect on the economy in Afro-Asian Countries. Besides, they covered topics related to opportunities and threats of insurance and reinsurance.
Commenting on Solidarity's participation at the 20th FAIR conference, Sameer Al Wazzan said: "Solidarity's participation in this prestigious conference represents the management direction towards supporting the development of this industry. Our faith in the role of the private sector to further take part in spreading awareness and building solid and common platform for development in the global arena leave us with no choice except to take an interactive part making such industry related forums a success. We always plan to provide our experiences with leaders within this industry to support in addressing challenges and draft expectations".
On the other hand, Ahmed Zinoun, President of the Organizing Committee and Managing Director of the Socit Centrale de Rassurance. (S.C.R.) said: "This conference is of a particular importance to the Afro-Asian area, as it offers a unique occasion to the delegations to examine their achievements since the nineteenth Conference that was held in India. In an environment marked by the introduction of new prudential rules and the requirement of a new governorship, the conference is also a framework to discuss the opportunities as well as the challenges to overcome in the FAIR area".
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About Solidarity:
Established as one of the Largest Takaful Companies in the world with US$ 100 million in paid up capital and US$ 300 million authorized capital, Solidarity provides Takaful products that comply with Islamic Sharia'h across the globe.
Solidarity is set to capitalize on the success of its opening years by continuing its expansion in to key international markets. To strengthen its current position and achieve the expansion strategy, Solidarity increased the authorized capital to US$ 500 million and the paid up capital to US$ 150 million and is in the process of increasing it to US$ 275 million.
Solidarity provides Islamic Financial Planning through a range of Family Takaful saving and investment plans with Takaful Protection Benefits ideally suited for education, retirement and wealth accumulation; in addition to Home Financing and other general Takaful protection products that include Motor, Property, Marine Employee Benefits (Medical) and other corporate/ business related protection such as Engineering, Liability, Director & Offices and others.
Solidarity has the resources to deliver unmatched risk management financial solutions, tailored to meet the needs of individuals, families and businesses.
About FAIR
The Federation of Afro-Asian Insurers and Reinsurers "F.A.I.R." was established in September 1964, to promote cooperation among insurance and reinsurance companies in Africa and Asia, through the regular exchange of information, expertise and the development of business relations.
FAIR is composed of Ordinary Members and Associate Members as follows:
i. Ordinary Membership is opened to any Afro-Asian national insurance or reinsurance company and/or holding organization. In all cases, an ordinary member shall have a) at least fifty one percent of Afro-Asian ownership and b) the Head-Office situated in Africa or Asia.
ii. Associate membership is opened to a) any other Afro-Asian national insurance or reinsurance company whose Head-Office is situated in Africa or Asia and b) any African or Asian national insurance association or institution.
Other insurance and reinsurance companies or institutions, whose collaboration is deemed conducive to promoting the aims of the "F.A.I.R." may be accepted as "Correspondents".
Members of FAIR are now 188 members, in addition to 6 Correspondent members from other Continents.
Being a professional business association, FAIR is dedicated to the cause of regional cooperation and the development of the Insurance Industry in Afro-Asian Countries.
For more information please contact:
Bassel Hanbali
Head of Corporate Communications & Marketing, Solidarity
Email: bassel.hanbali@solidarity.cc
May Marzooq
Senior Marketing Communications Officer
E-mail: may.marzooq@solidarity.cc
Tel: +973 17 578777
Fax: +973 17 578787
Press Release 2007
