Group One Takaful Holding set to open office in the Dubai International Financial CentrePress Release08 May 2006 11:03 am
Group One Takaful Holding, a company recently launched by the Kuwait-based Investors Group, has been registered as an unregulated company at the Dubai International Financial Centre.
Mr. Sami Al-Bader, Chairman of the Investors Group, commented: “Group One Takaful Holding has been specially launched to consolidate all of our Shariah-compliant reinsurance business in the region. The DIFC offers a totally global environment, where the very best advice, counsel and consultancy are available. I am thrilled that Group One Takaful can be part of the world’s newest and fastest growing international financial centre. The DIFC is an obvious choice of location for us to set up a new office as it offers access to a major pool of liquidity and investment funds, a strong pre-existing infrastructure and international standards regulations.”
Dr Omar Bin Sulaiman, Director General of the DIFC Authority, welcomed Group One Takaful Holding and commented, “We are delighted with the arrival of Group One Takaful Holding to the DIFC. One of the objectives of the DIFC is to contribute to the development of the insurance and banking industry in the region. By providing the right environment and infrastructure to enable the industry to realize its potential, the DIFC is laying the foundation for the future of regional insurance and Islamic banking operations.”
Mr. Al Bader explained: “Takaful International/Bahrain will be the technical adviser for the group’s activities, and Investors Bank will be the financial adviser for Group One Takaful Holding’s banking operations. Our aim is to expand our activities in the banking, insurance, investment and real estate sectors, in compliance with Shariah laws, throughout the region and globally.”
Mr. Younis A Jamal, Takaful International/Bahrain said, “Takaful International, the first Islamic insurance company in Bahrain, was established in 1989 and holds a leading position. It will be the technical consultant to Group One Takaful and will assist with its expansion plans in the region and the world.Group One Takaful Holding will enjoy the advantage of the growing number of international insurance players having their regional offices in the DIFC, as this will bring our company international recognition.”