|Opening of Solidarity Family Takaful Egypt, March 2009|
Welcoming the guests are Mr. Sameer Al Wazzan, CEO and Board President of Solidarity, Mr. Ashraf Bseisu, Board Member and Chairman of the Union of Arab Insurance, Mr. Gopi Rao, Acting Director and Mr. Ahmed Ramahdan, CEO of the Company. Mr. Al Wazzan made a speech welcoming everyone and mentioning that the paid capital of Solidarity have been increased to USD220 million emphasizing of its role as one of the largest Takaful companies in spreading the concept of takaful in the world. He spoke also about the vision, mission and principle that the company implements in all its insurance takaful agreement based on wakala fees that offer justice and equality to both policy holders and shareholders; also provide full transparency in the contract. Also, all investments are made on Shariah compliant funds and been approved through the Shariah Board of Solidarity. He also mentioned that Solidarity Egypt has been established with authorized capital of 250 million Egyptian Pounds, subscribed capital of 60 million Egyptian Pounds and paid up capital of 30 million Egyptian Pounds as per the insurance law in Egypt. He also appointed the statutes of Egypt and the insurance awareness among the Egyptians and also the expatriates and professionals of insurance managers which enable to play an important role in the new takaful concept in Egypt.
Dr. Muneer made a speech where he welcomed Solidarity in Egypt and cleared that establishing Solidarity in Egypt reflects the trust in the Egyptian market and the support that is provided through EISA for all new insurance companies at the same time evaluating the effort that have been given from both Solidarity Bahrain and Egypt to establish the company and that's why although his schedule is so occupied, he could not say no to participate in this event. Feeling that Solidarity will enrich the Egyptian market with this new takaful market, wishing all the success to Solidarity.
Then Mr. Ahmed Ramahdan ended the speeches by his welcoming speech by giving a short explanation about takaful and the varieties of the programs that will be provided by Solidarity to the Egyptian market and some of them have been already approved from EISA to start with and others are on the way. He also announced the promotion of the Group Life, Group Credit and Mortgage Life. He also mentioned that Solidarity has already signed with the largest re-insurance international companies which are working with the same takaful concepts. Soon Solidarity will start marketing the individual programs like education, marriage, retirement, shield and foundation and it will keep working and providing the market with the exact needs of the individuals.
Source: Solidarity Family Takaful