For immediate distribution
Shamil Bank to Sell Solidarity Takaful Products
thManama, 30 April 2007: Shamil Bank, a leading Islamic bank in Bahrain and
Solidarity Company, one of the largest Takaful providers in the world have
entered into an agreement yesterday at a signing ceremony held at Shamil
Bank’s headquarters in Seef District, Kingdom of Bahrain.
The agreement was signed by Mr. Mohamed Hussain, Chief Executive, Shamil
Bank and Mr. Sameer Al-Wazzan, Chief Executive Solidarity Company. Also
present on the occasion were Mr. Khalid El-Ruby, General Manager, Commercial
Banking, Shamil Bank, Mr. Gautam Datta, General Manager, Solidarity General
Takaful Division, Mr. Ahmed Hassan Ahmed, Legal Counsel, Shamil Bank and
Mr. Hakki Goktuc Mumcu, Product Manager, Shamil Bank.
Under the agreement Shamil Bank will sell and service a variety of Solidarity’s
General and Family Takaful (Islamic Insurance) products that comply with Islamic
Sharia’a through its branches and delivery channels. Shamil’s delivery channels include a network of seven branches and fifteen ATMs, strategically located all
over Bahrain, in addition to an efficient direct sales force, user friendly online
banking, Call Centre, phone banking and SMS banking.
Speaking on the occasion, Mohammed Hussain, Chief Executive of Shamil Bank
said: “We are delighted with the signing of this agreement which has added a
host of Sharia’a compliant insurance products to our existing range of Islamic
banking products. The arrangement with Solidarity will enable us to offer a wider
product range and investment options to our existing and potential customers. As
a forerunner to the agreement, Shamil Bank is already offering Solidarity motor
Takaful (Islamic insurance) as an added benefit to the successful applicants of its
current car finance campaign.”
“Upgrading the service levels is the key to our growth. Packaging Islamic
financing with Takaful products will make it a hassle free arrangement for the
customers. We at Shamil Bank will continue to seek such novel solutions
together with our affiliates and Ithmaar Group companies for the benefit of our
customers” Mr. Hussain added.
Solidarity’s Chief Executive Mr. Sameer Al-Wazzan said: “The agreement is
mutually beneficial as it will provide Solidarity the advantage of reaching out to
Shamil Bank’s existing and potential customers over Shamil’s multiple delivery
channels. It is a true example of cross-selling and hedging the benefits of the two
companies being subsidiaries of Ithmaar Group.”
“Solidarity Takaful (Islamic Insurance) products provide cover for various
contingencies and offer valuable financial protection against a wide range of risks.
Solidarity General Takaful division has the resources to deliver unmatched risk
management solutions tailored to meet the needs of individuals, families and
businesses. We have succeeded in offering innovative Takaful products that
comply with Islamic Sharia’a in Bahrain, Saudi Arabia, Qatar, Oman, Europe and
Asia. Moreover, the firm’s future plan is to expand in key international markets in the Middle East, Asia and Europe.” said Mr. Al-Wazzan.
Solidarity’s General Takaful products offer Islamic insurance cover for motor,
home, property, business contingencies, engineering projects, accidents, liability
risk, employee benefits and marine cargo. The Family Takaful provides Islamic Financial planning through a range of prudent Sharia’a compliant Family Takaful saving, investment and protection plans ideally suited for retirement, wealth
accumulation, education, marriage, retirement and other family and individual plans.
Note to the Editor:
About Shamil Bank of Bahrain B.S.C.:
Shamil Bank of Bahrain B.S.C. (Shamil Bank) is a leading Islamic commercial and investment bank incorporated in the Kingdom of Bahrain. The Bank has grown steadily since 1982 to become a leading Islamic financial institution with a shareholding equity of US$ 353 million as at 31 December 2006.
The Bank provides a diverse range of products and services that cater to the financing and investment needs of individuals and institutions. It conducts its business in compliance with the principles of the Islamic Sharia.
Shamil Bank is a subsidiary of Ithmaar Bank B.S.C., a full service investment bank with a paid-up capital of US$360 million. Ithmaar Bank has a 60% shareholding in Shamil Bank.
Shamil Bank operates a network of local branches and maintains a presence in overseas markets through its subsidiary, associated and affiliated companies. Both Shamil Bank and its majority shareholder, Ithmaar Bank, are listed on the Bahrain Stock Exchange.
The Bank has set a strategic mission to become a premier bank, recognized for developing, arranging and distributing superior and value-added products and services that conform to the Islamic principles and meet customer needs.
The philosophy of Islamic finance is based on the redistribution of wealth. Shamil Bank is distinguished by its unwavering commitment to Islamic values and will continue to support the employment of wealth in productive assets, investments, trade and in creating value for the society at large. The Bank is committed to excellence in fulfilling its responsibility and enhancing value to its customers and shareholders.
The Bank's activities are supervised by the Central Bank of Bahrain and a Religious Supervisory Board. The financial statements of the Bank are audited annually and reviewed quarterly by an international audit firm. These statements are subsequently published in the newspapers.
About Solidarity Company:
Established as one of the Largest Takaful Companies in the world with US$ 150 million
in paid up capital and US$300 million authorized capital, Solidarity provides Takaful
products that comply with Islamic Sharia’h across the globe.
Solidarity is set to capitalize on the success of its opening years by continuing its
expansion in to key international markets. To strengthen its current position and achieve
the expansion strategy, Solidarity is in the process of increasing its paid up capital to
US$ 275 million, and its authorized capital to US $500 million.
Solidarity provides Islamic Financial Planning through a range of Family Takaful saving
and investment plans with Takaful Protection Benefits ideally suited for education,
retirement and wealth accumulation; in addition to Home Financing and other general
safety and protection products to cover various risks.
Solidarity has the resources to deliver unmatched risk management financial solutions,
tailored to meet the needs of individuals, families and businesses.
For more information, please contact:
Sharaf Khawaja Marketing Manager
3rd Floor, Seef Tower
P.O. Box 3005
Tel: +973 -17 585082
Fax: +973 -17 585140
Mob: +973 - 367 42723
Head of Corporate Communications
& Marketing rdSolidarity Company, 3 Floor
Bahrain Chamber of Commerce Building
P.O. Box 18668
Manama, Kingdom of Bahrain
Tel: +973 -17 578793
Fax: +973 -17 578787
Mob: +973 – 39476543 www.solidarity.cc