The new companies will provide life insurance and Takaful services in Bahrain
The Central Bank of Bahrain has granted licenses to Legal & General Gulf eand Legal & General Gulf Takaful. The two new companies will offer life insurance and Takaful servics in Bahrain and the broader Middle East.
The two companies will be established with total paid up capital of BHD10 million which will be contributed equally by the British insurer Legal & General Group (L&G) and Ahli United Bank (AUB). The shareholders plan to offer customers in the Middle East a range of products and services, including both traditional and Takaful life insurance. The two companies will market their products initially through AUB’s existing branches in the region.
Ahmad Abdul Aziz Al Bassam, director of licensing and policy at the Central Bank of Bahrain (CBB), said: The Middle East insurance sector continues to attract a lot of interest from international firms and many of these firms have opened regional offices in Bahrain. The supervisory framework, brought into effect in 2005 by the CBB and Bahrain’s well-developed infrastructure, strategic location and the availability of local professions, have been major factors in attracting reputable companies such as L&G to Bahrain.