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Manama, Bahrain: Solidarity Group, a member of the Ithmaar banking group and one of the largest takaful companies in the world, has received preliminary approval from the Saudi Arabia Monetary Agency (SAMA) to establish Solidarity Saudi Takaful Company, an associate of the Solidarity Group with an authorised and paid-up capital of SR 555 million.
Solidarity's new Saudi company will initially provide General Takaful and Family Takaful services through dedicated branches in Riyadh, Jeddah and Khobar.
Solidarity and other high-profile Saudi founders will contribute 60 per cent of Solidarity Saudi Takaful Company's capital with Solidarity holding a major stake.
The remaining forty 40 per cent of the company's authorised capital will be raised through an initial public offering, which is set to list on the Saudi Stock Exchange in the first half of 2009.
"We are extremely pleased to have received SAMA's approval for the establishment of Solidarity Saudi Takaful Company a development which we view as the final stage to the set up of our full fledged operations in the Kingdom," said Sameer Al Wazzan, CEO, Solidarity Group.
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