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| Bahrain: CBB grants two licences to British insurer | |||
| The Central Bank of Bahrain (CBB) has granted licences to Legal and General Gulf and Legal and General Gulf Takaful which will offer life insurance and takaful services, respectively, in the Kingdom and the Middle East region. The two companies will be established with a total paid-up capital of BHD10 million (US$26.5 million) which will be contributed equally by British insurer Legal & General Group (LGG) and Ahli United Bank (AUB). The shareholders plan to offer customers a wide range of products and services, including traditional insurance and family takaful. The two companies will market their products initially through AUB's existing branches in the region. Mr Ahmad Abdul Aziz Al Bassam, Director of Licensing & Policy at 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 the Kingdom." |
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| Ins Communications Pte Ltd · 69 Amoy Street, Singapore 069 888 Tel: (65) 6224 5583 · Fax: (65) 6224 1091 http://www.asiainsurancereview.com/pages/e-weekly.asp?country=8 Published: 7/29/2010 7:46:34 PM © 2010 All rights reserved |
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