Manama: Solidarity Group Holding, the largest Takaful Group in the world, has announced the successful completion of the merger between its two Bahrain based subsidiaries Solidarity General Takaful B.S.C. (closed) and Al Ahlia Insurance Company B.S.C.
The merged entity, which is set to be called “Solidarity Bahrain B.S.C.” by the end of this year, has become the largest takaful operator and one of the top tier insurance companies in Bahrain.
“Today we are very pleased to announce the completion of the merger between our two subsidiaries in Bahrain. This is a milestone achievement for the Group and for Bahrain’s financial services sector as a whole,” Rashed Al Meer, Chairman of Solidarity Group Holding, said.
“The completion of this merger between two of the country’s leading and well-established insurance companies provides additional assurance and testament on the long-term stability and competitiveness of Bahrain’s economy.”
“Solidarity Bahrain will increasingly support the growth of business activity, trade and commerce, supporting the overall economic fundamentals of the national economy. Solidarity Bahrain is unequivocally today, a primary national Insurance player providing takaful products and services to thousands of customers, and contributing significantly to the growth of the financial services sector in Bahrain.”
“We are very delighted to have completed this landmark and pioneering merger, efficiently and smoothly; creating a stronger and more dynamic force in the market. Today Solidarity Bahrain, would draw on decades of rich experience to bring about positive changes for all our stakeholders,” Ashraf Bseisu, Chief Executive of Solidarity Group Holding, said.
“We believe that consolidation has become a necessity in order to create larger and stronger financial institutions capable of providing a unique customer experience. Solidarity Bahrain’s ability to provide access to a wide range of insurance offerings creates immense appeal to a diverse range of people representing all walks of life. Our newly merged subsidiary will remain committed to our values of further elevating clients’ and business partners’ overall experience to new heights.”
“We would like to extend our sincere thanks to valued shareholders, loyal customers, and remarkable staff team members for their contribution and support towards reaching this unique milestone. We would also like to extend our appreciation and gratitude to the Central Bank of Bahrain, the Ministry of Industry, Commerce and Tourism, Bahrain Bourse, and all the concerned authorities for their invaluable support and guidance throughout.”
It is worth mentioning that Solidarity General Takaful and Al Ahlia Insurance Company, had individually held their Extra Ordinary General Meetings during August 2017, where the shareholders of the two companies had approved the merger terms. Pursuant to Shareholder approval and completion of all necessary regulatory requirements, Solidarity General Takaful has merged with Al Ahlia with 3rd December 2017 being the effective Merger Date. The combined entity, which is set to be named “Solidarity Bahrain B.S.C.” by end of current financial year, has an authorized capital of BD 12 million and a paid-up capital of BD 11.2 million with enhanced distribution capacity and largest branch network of 10 full-fledged insurance centers serving customers throughout the Kingdom. The new merged entity Solidarity Bahrain will continue to be headed by the incumbent General Manager Mr. Jawad Mohammed.