MANAMA, 27 November 2007 — The Central of Bank Bahrain (CBB) granted an Islamic insurance company (takaful) license to T’azur Company, a new regional takaful company with authorized capital of $500 million and to carry out business in family (life), medical and general takaful business lines, one of the founding investors said yesterday.
T’azur will be backed by A-rated reinsurance and is to underwrite its first takaful policies before the end of the year.
Unicorn Investment Bank (UIB), in a statement, confirmed the granting of a takaful license by CBB. Capital for the new venture has been raised from founding institutional investors in Kuwait, Qatar, Bahrain and Saudi Arabia.
UIB is also a founding investor in the new company which will operate as an independent entity. Majid Al Sayed Bader Al-Refai, bank chief executive officer and managing director, said: “The founding of T’azur marks the culmination of over two years of intensive research, due diligence and capital raising on the part of the bank’s takaful division and is a response by the bank to a clear gap in the market for a major regional takaful player able to meet the demands of a marketplace that continues to grow in geographical span, penetration level and sophistication.”
T’azur’s expansion strategy will combine a sound level of organic growth with a phased program of acquisitions. The company has Takaful license applications in the pipeline for several key markets and will continue to raise capital in line with its phased growth plan and projections.
