Bahrain, Sudan to launch Islamic reinsurance company

Jun 01, 2004 (menareport.com) — Bahrain and Sudan are finalising the modalities to launch the world’s first Takaful Re or Islamic reinsurance company to tap the huge business opportunities in the Islamic world.
Chairman of the Bahrain Insurance Association (BIA), Samir Al Wazzan, told Bahrain Tribune Monday that there was huge potential of growth in this highly specialised segment of Islamic insurance.

Al Wazzan, who held talks with the visiting Sudanese delegation led by the First Deputy Governor of Bank of Sudan, Dr. Monim Mahmood Al Gosi, said that Sudan being a pioneer in the Islamic insurance would help to launch this project.

Al Wazzan, who also serves as general manager of Bahrain Solidarity, said that Sudan’s expertise would be utilised in setting up the Takaful Re project.

He said that Solidarity would enter into Qatari market by mid-June as part of business strategy of the company.

The Sudanese delegation was in Bahrain on a two-day official visit.