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CBB, ALLIANZ GROUP ANNOUNCE LAUNCH OF Manama, Bahrain – 24 October 2007 – The Central Bank of Bahrain (CBB) and Germany’s Allianz Group announced today the official launch of Allianz Takaful (Bahrain) operations, a wholly owned subsidiary of Allianz, the world’s second largest insurer and the largest in Europe. The CBB, earlier this year, granted a licence for the establishment of Allianz Takaful (Bahrain), which will undertake family takaful (Islamic insurance), with a focus on life insurance, investment-linked insurance as well as health and medical insurance. Allianz plans for Bahrain also include the proposed establishment of the company’s central office, which will monitor, support, guide and control the various insurance operations of Allianz throughout the Middle East and North Africa (MENA) region as well as in the Indian Subcontinent. Allianz has established the Middle East as its third major growth region, in addition to Asia Pacific and New Europe. “We see huge potential to realize profitable growth in the region. Customer demand for insurance and financial services in the Middle East is rising, and Allianz traditionally enjoys a very good reputation in the region. With the Middle East as our third major growth region, we will elevate our presence there to a new level and set the course for internal and external growth,” said Dr Werner Zedelius, Member of the Board of Management at Allianz SE, the holding company of Allianz Group. Mr. Sam Ghosh, the new Bahrain-based Regional Chief Executive
Officer of Allianz, added: “We are determined to grow in the life
and health insurance business, where we want to expand throughout the
region. In the property and casualty insurance business, rising wealth
and huge development projects in the region offer great opportunities.
In addition, we will further develop our takaful business, where Allianz
can already build on business experience.” “The Central Bank of Bahrain (CBB) is delighted to welcome the Allianz Group to Bahrain, said Mr. Anwar Khalifa Al Sadah, Deputy Governor, at the CBB. “The insurance business, in general, and takaful, in particular, is a developing business opportunity with tremendous potential throughout the MENA region,” said Mr. Al Sadah. “We, at the CBB, strive to ensure a conducive, business-friendly environment that not only protects the integrity of our financial sector but also enables CBB licensees to deliver the growing demand for financial services, including insurance and takaful.” The CBB is a strong advocate of and has an established policy of engaging the industry in the formulation of rules and regulations, he pointed out. “We consider cooperation between the CBB and our
licensees of vital importance for the continued development of Bahrain
as a premier international financial centre and we look forward to working
with the Allianz Group in Bahrain to develop the insurance and takaful
industry,” said Mr. Al Sadah. Mr. Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision, said there is a significant need for the insurance and takaful services in the MENA region, driven by robust economic growth, renewed Government investment in large infrastructure projects and strong private sector investment in real estate and other economic sectors. In addition, increasing public awareness and acceptance about the need for insurance is also contributing to the growing demand for insurance products, both conventional and Islamic, he said. “The CBB is confident that the entry of international players, such as Allianz, in the region’s insurance market will help unlock the insurance opportunity and develop the industry to its full potential,” said Mr. Al Baker. Central Bank of Bahrain (CBB) |
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