t’azur Obtains License to Operate First Islamic General Insurance Company in the Qatar Financial Centre
Manama, Bahrain: t'azur Company b.s.c. (c), (“t'azur”), a Takaful (Islamic Insurance) company headquartered in the Kingdom of Bahrain, has been authorized by the Qatar Financial Centre Regulatory Authority (QFCRA) to operate a General Takaful business in the Qatar Financial Centre (QFC). Founded in 2007 by Unicorn Investment Bank and a group of institutional investors from across the GCC, t'azur is the first Islamic general insurance company to receive approval to operate at the QFC.
The Chairman of t'azur, Sh. Dr. Abdulaziz Bin Naif Al Orayer said: “The rapidly growing economy of Qatar requires the support of innovative insurance solutions. We are proud to be the first General Takaful Company in the QFC and look forward to offering our products and services to companies in Qatar.” The Chairman also expressed his gratitude to the Government of Qatar, the QFC and their officials for extending their support to t'azur.
According to the IMF, Qatar is set to be the fastest growing economy in the world; its prospering economy drives the need for advanced Banking and Insurance products and services. The Qatar Financial Centre (QFC) was established by the government of Qatar in 2005 to attract international financial services and multinational corporations to grow and develop the market for financial services in the region.
t'azur will be offering its full range of General Takaful products including Property, Engineering, Marine, Medical and Motor, all of which are supervised by t'azur’s Shari’a Supervisory Board.
t'azur’s shareholders consist of blue chip GCC institutions, including Unicorn Investment Bank; The First Investor (the largest Qatari investment banking firm in Qatar); and the Qatar General Retirement and Pension Authority (GRPA).
Mr. Mohamed Fakhro, Executive Director - Business Development of The First Investor, said: “Qatar is becoming an important market for Islamic Insurance, notably General Insurance. t'azur will offer leading General Takaful [Islamic Insurance] products and services to support all sectors of the Qatari economy.”