MANAMA: Solidarity Group Holding, the largest takaful group in the world, has announced the successful completion of the merger between its two Bahrain-based subsidiaries Solidarity General Takaful and Al Ahlia Insurance Company.
The merged entity, which is set to be called Solidarity Bahrain by the end of this year, has become the largest takaful operator and one of the top tier insurance companies in Bahrain, said a statement.
Solidarity Group Holding chairman Rashed Al Meer said the completion of the merger between the two subsidiaries in Bahrain was a milestone achievement for the group and for Bahrain’s financial services sector.
“Solidarity Bahrain will increasingly support the growth of business activity, trade and commerce, supporting the overall economic fundamentals of the national economy,” he added.
Solidarity Group Holding chief executive Ashraf Bseisu said the efficient and smooth completion of the “landmark and pioneering merger” creates a stronger and more dynamic force in the market.
“We believe that consolidation has become a necessity in order to create larger and stronger financial institutions capable of providing a unique customer experience.
“Solidarity Bahrain’s ability to provide access to a wide range of insurance offerings creates immense appeal to a diverse range of people representing all walks of life.
“Our newly merged subsidiary will remain committed to our values of further elevating clients’ and business partners’ overall experience to new heights,” added Mr Bseisu.