Solidarity Group Holding’s business model has proved to be successful as the Group managed to realize the goals set as part of its strategy in the key markets it operates, thanks to Group’s successful network of subsidiaries and affiliates, at top official said.
Khalid Abdulla-Janahi, Chairman of Solidarity Group, addressing shareholders during the annual general meeting, said the year 2011 was the 9th successive year since the group commenced operations was full of challenges.
“The economic environment and business market in the region are still challenging in view of the continued global financial and regional political difficulties and the continued downturn in the targeted economic activities,” he added.
The AGM reviewed of the minutes of the previous AGM and its approval, as well as discussion of the final accounts for the financial year ended 31 December 2011, in addition to the reports of the external auditors and the Shari’a Supervisory Board.
“We will continue to explore strategic expansion options specifically in our target markets”, he added. “We are glad that the Shareholders believe that Solidarity has laid down a strong foundation through which it can implement the Group’s strategic plan and explore new potential opportunities,” Janahi said.
“The Group’s success is a result of the continuous support we receive from our local and international shareholders,” Rashed Al Meer, Vice Chairman of Solidarity Group Holding, said.
“Nevertheless, the group’s success originates from the investment friendly environment complemented with the high level of professionalism which are key features of Bahrain, not only of the regulatory entities but also with the financial sector,” he added.
Ashraf Bseisu, Solidarity Group Chief Executive predicted that challenges facing the financial sector would carry on during the year 2012.
“Solidarity will not be immune to these challenges. We will continue pursuing our strategic goals with cautious optimization and exploring more options and opportunities available through our vast network of operations, including increasing our Takaful retail business through our flagship subsidiary in Bahrain, Solidarity General Takaful,” he added.
The AGM also expressed confidence in Solidarity’s ability to cope with the difficulties the markets are facing and draw up suitable plans to achieve more successes.
