Solidarity increases stake in Jordan associate
MANAMA, BAHRAIN – 27 March, 2010 – Solidarity Group Holding, a member of the Ithmaar banking group and one of the largest takaful companies in the world, has increased its stake in Jordan as it continues to push ahead with its strategic expansion plans.
“We have further strengthened our presence in Jordan by significantly increasing our stake in First Insurance Company, a leading Jordanian takaful operator,” said Solidarity Group Holding Acting Chief Executive, Ashraf Bseisu. “With First Insurance Company now an associate of the Solidarity Group, we are in a better than ever position to capitalise on the unique growth opportunities presented by the Jordanian takaful market,” he said.
Jordan is largely recognised as virtually untapped insurance market, with tremendous potential for growth. First Insurance Company has been performing particularly well defying, for example, the current global financial crisis to report increasing profits.
“In its first year of operations, First Insurance Company reported profits - an impressive achievement for any company in any country, and a particularly impressive achievement for a takaful operator in a developing market,” said Bseisu. “Last year, the Company, now in its second year of operations, continued report profits - despite the increasingly challenging financial landscape – and significantly increased its market share to become one of Jordan’s most recognised takaful providers,” he said.
“Jordan is a particularly promising takaful market – and, by increasing our presence, we are also increasing our ability to participate, effectively, in this growing market,” said Bseisu. “In the past year, for example, we have taken advantage of favourable market conditions to continuously increase our stake in First Insurance Company,” he said.
Solidarity’s continuing expansion in Jordan is in line with the Company’s strategic plan for regional and global expansion.
“We are committed to reinforcing our global position,” said Bseisu. “In addition to increasing our presence in Jordan, we are also focusing our efforts on our strategic objectives in the other promising markets in which we operate,” he said.