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 and Al Ahlia Insurance Company.
The merged entity, which is set to be called “Solidarity Bahrain” by the end of this year, has become the largest takaful operator and one of the top tier insurance companies in Bahrain, said a statement.
Rashed Al Meer, Chairman of Solidarity Group Holding, said: “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”.
He added: "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”.
He continued: “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."
For his part, Ashraf Bseisu, Chief Executive of Solidarity Group Holding, said: “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.”
He continued: “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.”