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Global insurer AIG launches new Takaful venture, AIG Takaful

Bahrain: Monday, October 02 - 2006 @ 08:32

AIG Takaful will provide a range of Takaful products, including accident & health, motor, personal contents, property and casualty.

Charles Bouloux, Chairman AIG Takaful said at the launch today:

“The phenomenal growth of the Takaful market is something that AIG, as a market leader, recognizes. We want to support this growth and offer socially responsible insurance solutions to consumers in this region.”

”AIG’s management has a philosophy of acting responsibly and providing quality service to corporations and consumers,” Charles Bouloux continued. “We have a recognized ability to introduce innovative and culturally sensitive products focused on local market conditions, and we believe that this will enhance the overall development of the Takaful industry in this region.”

AIG Takaful, was licensed by the Central Bank of Bahrain (CBB), formerly known as the Bahrain Monetary Agency, in July 2006.

AIG Takaful’s Shariah Supervisory Board is comprised of well-known Shariah scholars, Sheikh Nizam Yaquby, Dr Mohammed Elgari and Dr Imran Usmani.

The launch in Bahrain was attended by several top officials from the CBB, including Mr. Rasheed Mohammed Al Maraj, Governor; Mr. Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision and Mr. Ahmed Al Bassam Director, Licensing & Policy.

Commenting on the occasion, Mr. Al Maraj said: “We welcome the interest shown by a leading firm such as AIG in supporting the growth of takaful and in choosing Bahrain as the headquarters for its takaful subsidiary.

“CBB has worked hard to create a strong, market-friendly regulatory framework which, we believe, is essential for the sound growth of Bahrain’s insurance sector, including takaful, and a precondition for attracting reputable insurance companies to locate in Bahrain.”

AIG Takaful, a member company of AIG, also benefits from AIG’s disciplined global underwriting standards and 87 years of experience in delivering innovative insurance solutions to the international community through a network that currently spans more than 130 countries, reaching 65 million customers.

“AIG continues to build on its history as a pioneer in the region with the launch of AIG Takaful,” Charles Bouloux continued. “As a world insurance leader, we see AIG Takaful as an investment in the future of socially responsible insurance. Launching our flagship headquarters in Bahrain today is just the start.”

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Monday, October 2- 2006 @ 8:32 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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