October 15, 2005
Solidarity and Shamil in Insurance Agreement for Abraj Al-Lulu Home Financing

Mr. Sameer Al-Wazzan, General Manager, Solidarity General Takaful (left) and Mr. Tariq Al-Bahar, Head of Retail banking, Shamil Bank at the signing ceremony.

Solidarity General Takaful division of Solidarity Company (BSC) has entered into an agreement with Shamil Bank of Bahrain to provide an automatic Takaful protection for their customers who seek Islamic home financing for purchasing property in the BD 95 million Abraj Al Lulu project.

Solidarity Company based in Bahrain is one of the largest Takaful companies in terms of paid up capital in the region. It provides Sharia compliant general Takaful and family Takaful products to the market.

Abraj Al Lulu project has been promoted by Pearl Real Estate Development Company with investors from Kingdoms of Saudi Arabia and Bahrain and the UAE. Abraj Al Lulu has been conceived to enhance the world-class residential infrastructure in Bahrain.

“Our agreement with Shamil Bank is to provide a Takaful cover in respect of the property purchased under a normal property insurance cover and also provide a protection in respect of the repayment under the financing arrangement in the event of untimely death of the borrower during the period of the finance” said Mr. Sameer Al Wazzan, General Manager of Solidarity General Takaful.

“Enhancing service levels to our customers is the key to our growth” said Mr. Mohammed Hussain the CEO of Shamil Bank. “Combining Islamic Financing with Takaful into a single product makes it a hassle free arrangement for the customer. We at Shamil Bank will continue to seek such novel solutions for the benefit of our customers.”

Shamil Bank retail head Mr. Tariq Bahar said that “Our agreement with Solidarity will result into providing our customers a total Sharia compliant financial solution in respect of their financing arrangement. The product has been developed with Solidarity, specific to this arrangement with special coverage, terms and conditions.”