28 September 2009, Manama, Bahrain:  t'azur Company b.s.c. (c), ("t'azur"), a Takaful (Islamic Insurance) company headquartered in the Kingdom of Bahrain, has been authorized by the Qatar Financial Centre Regulatory Authority (QFCRA) to operate a General Takaful business in the Qatar Financial Centre (QFC). Founded in 2007 by Unicorn Investment Bank and a group of institutional investors from across the GCC, t'azur is the first Islamic general insurance company to receive approval to operate at the QFC.

The Chairman of t'azur, Sh. Dr. Abdulaziz Bin Naif Al Orayer said: "The rapidly growing economy of Qatar requires the support of innovative insurance solutions. We are proud to be the first General Takaful Company in the QFC and look forward to offering our products and services to companies in Qatar." The Chairman also expressed his gratitude to the Government of Qatar, the QFC and their officials for extending their support to t'azur. 

According to the IMF, Qatar is set to be the fastest growing economy in the world; its prospering economy drives the need for advanced Banking and Insurance products and services. The Qatar Financial Centre (QFC) was established by the government of Qatar in 2005 to attract international financial services and multinational corporations to grow and develop the market for financial services in the region.

t'azur will be offering its full range of General Takaful products including Property, Engineering, Marine, Medical and Motor, all of which are supervised by t'azur's Shari'a Supervisory Board.  

t'azur's  shareholders consist of blue chip GCC institutions, including Unicorn Investment Bank; The First Investor (the largest Qatari investment banking firm in Qatar); and the Qatar General Retirement and Pension Authority (GRPA).  

Mr. Mohamed Fakhro, Executive Director - Business Development of The First Investor, said: "Qatar is becoming an important market for Islamic Insurance, notably General Insurance. t'azur will offer leading General Takaful [Islamic Insurance] products and services to support all sectors of the Qatari economy."

-Ends-

t'azur Company b.s.c. (c) is a Bahraini closed joint stock company incorporated under the laws of the Kingdom of Bahrain and licensed and regulated by the Central Bank of Bahrain. t'azur's authorized capital is US$ 500,000,000, of which US$ 58,000,000 is issued and paid up. t'azur provides Family and General Takaful products for individuals and businesses. All t'azur products abide by the principles of the Islamic Shari'a law and are under the supervision of t'azur's Shari'a Supervisory Board. 

t'azur was conceived by Unicorn Investment Bank with the goal of creating a regional Islamic Insurance company, operating in the rapidly growing GCC/Middle Eastern insurance market. Its shareholders consist of blue chip institutional investors from across the GCC:

  • Unicorn Investment Bank, Kingdom of Bahrain

  • Emaar Al Bayader (Dar al Arkan), Kingdom of Saudi Arabia

  • Al Imtiaz Investment, Kuwait

  • Al Aman Investment Co, Kuwait

  • Securities House, Kuwait

  • The First Investor Co, Qatar

  • General Retirement & Pension Authority, Qatar 

t'azur Company b.s.c. (c) offers a full range of General Takaful and Family Takaful products, for both individuals and corporate clients, including:

General Takaful for Individual Customers:

  • Motor-Comprehensive/Third Party Coverage

  • Personal Accident

  • Home Coverage

General Takaful (Corporate):

  • Motor Fleet

  • Contractor's and Erection All Risks Coverage

  • Machinery Breakdown Coverage

  • Workmen's Compensation

  • Fire and Allied Perils Coverage

  • Home, Business and Office Package Coverage

  • Public Liability Coverage

  • Goods in Transit and Marine Coverage

  • Employee Dishonesty and Money Coverage

  • Theft and Burglary Cover

Family Takaful (Individuals)

  • Retirement plan

  • Education plan

  • Savings plan  

  • Sadaqah Charity Plan

  • Takaful Protection Plans

  • Flexible Legacy savings plan

  • Accident & Health 

Family Takaful (Corporate)

  • Group Medical Coverage

  • Group Life 

Contact address:
t'azur Company b.s.c. (c)
Metropolitan Tower, 2nd Floor,
Al Seef District,
Kingdom of Bahrain
Tel.: +973 17561666
Fax: +973 17561669
tazur.com  

For all enquires please contact:
Mrs Julia Marr,
Associate Director,
Warren Macleod,
Tel (+973 39734643)
Julia@warrenmacleod.com

Miss Megan Macleod,
Partner,
Warren Macleod,
Tel (+973 39331823)
megan@warrenmacleod.com

© Press Release 2009