DIFC An 'Obvious Choice' For New Islamic Insurance Firm

by Lorys Charalambous, Tax-News.com, Cyprus

17 May 2006

The chairman of Group One Takaful Holding, an Islamic insurance company recently launched by the Kuwait-based Investors Group, has stated that the Dubai International Financial Centre was "an obvious choice" for the company to set up its regional base.

Commenting after the company was registered as an unregulated company at the DIFC, Mr. Sami Al-Bader, Chairman of the Investors Group, explained that: "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."

Mr Al-Bader says that the DIFC offers access to a major pool of liquidity and investment funds, a strong pre-existing infrastructure and international standards and regulations. It therefore provides the ideal base for the firm to expand its Shariah banking, insurance, investment and real estate sectors, throughout the region and globally.

Welcoming the company's arrival, Dr Omar Bin Sulaiman, Director General of the DIFC Authority, explained that 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," he noted.

Takaful International, the first Islamic insurance company in Bahrain, was established in 1989 and will act as the technical consultant to Group One Takaful, which has been specially launched to consolidate all of the company's Shariah-compliant reinsurance business in the region.

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