Solidarity Bahrain BSC – Arabian Business Directory

Solidarity Bahrain BSC

PO Box 5282, Manama ,Seef Tower ,Flat 71, Building 2080, Road 2825, Block 428 ,Seef District ,Bahrain
+973 - 17585222, - 17130000
+973 - 17585200
mail@solidarity.com.bh
www.solidarity.com.bh
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Solidarity Bahrain B.S.C (“SB”), a subsidiary of Solidarity Group Holding B.S.C (closed) incorporated under the laws and regulations of the Kingdom of Bahrain. SB’s roots go back to 1976, with the establishment of one of the Kingdom’s earliest locally-domiciled composite insurance companies. Today, Solidarity Bahrain is one of the Kingdom’s leading insurers, and the largest Sharia-compliant insurance provider; and benefits from being a subsidiary of Solidarity Group Holding, which is the world’s largest Sharia-compliant insurance institution. The Company is distinguished by its ethical business approach, extensive range of products and solutions, and highly-experienced and well qualified team of professionals. Solidarity Bahrain is also noted for its innovative customer service initiatives. These combine the human touch with the latest InsurTech solutions that we have pioneered in the Kingdom.
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Jawad Mohammed

Chief Executive Officer

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Solidarity launches new car insurance features

Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding announced the launch of Third Party Plus (TP ) and extended car replacement insurance for its customers. As the first-of-its-kind in Bahrain the new product will enable third-party policyholders to benefit from an extensive range of comprehensive insurance features including car replacements for up to eight days and 24/7 roadside assistance across the country. Customers can also receive car repair or compensation worth up to BD10 000 in the event of any accidents involving an uninsured vehicle. Commenting on the launch Solidarity Bahrain head of marketing and digital channels Jalal Aqelah said: We are delighted to be introducing our latest insurance product covering third-party liabilities and more. This one-of-a-kind offering in the kingdom underscores our commitment to delivering exceptional services as a leading insurance provider. At Solidarity Bahrain we continue to prioritise providing our customers with an unparalleled experience in our extensive line-up of products and services. This latest initiative reinforces the company s position as a pioneering force in the kingdom s insurance industry consistently striving to meet the evolving needs of its customers with innovative and comprehensive solutions Solidarity Bahrain added. Customers seeking to apply for the TP and Car Replacement insurance can contact Solidarity Bahrain on 17130000 or visit any Solidarity branch.

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Solidarity Bahrain CEO stresses insurance importance in building a secure future

SOLIDARITY Bahrain chief executive Jawad Mohammed has highlighted the vital role the industry plays in creating a strong financial foundation for both individuals and businesses. Our mission is to build a more secure and prosperous future for Bahrain Mr Mohammed told the GDN in the run-up to National Insurance Awareness Day. A healthy insurance sector is essential for a sustainable economy and financial system. Underscoring insurance s core function of mitigating financial hardship caused by unforeseen events the Solidarity Bahrain CEO said Insurance safeguards people against unexpected risks and losses. He pointed to Bahrain s low insurance penetration rate citing industry data and emphasised the vast potential for growth. Currently the insurance penetration rate in Bahrain stands at 1.7 per cent which is significantly lower than the global average of 6.8 per cent. It is estimated that over 80pc of potential risks remain uncovered by insurance in Bahrain. This means that most people and businesses would bear the full financial burden of events like natural disasters accidents or illnesses if they were not insured. To address this gap Mr Mohammed proposed a multifaceted approach. Public education about the benefits of insurance is crucial he said. The industry also needs to develop more affordable and accessible products catering to diverse needs and budgets. The government could explore introducing mandatory coverage such as travel domestic helper medical malpractice and professional indemnity. Established in 2003 Solidarity Bahrain has quickly become a market leader in terms of premium income market share and profitability. Sharing the recipe for the company s success the CEO explained Our commitment to expansion through mergers and acquisitions has been a key factor in our success. Over the past two decades we ve acquired and merged with several companies solidifying our position in the market. He attributed the company s achievements to a clear strategy effective implementation and a talented team. The strategy aimed to improve customer experience staff opportunities and social impact ultimately driving profitability and market share growth. On the market outlook and growth drivers Mr Mohammed said Bahrain s focus on diversifying its economy beyond oil presents insurance opportunities in new sectors like renewable energy and logistics. The market size is only around 750 million but the vast protection gap presents a significant opportunity he noted. We are particularly optimistic about the upcoming mandatory health insurance scheme expected to be rolled out by the government next year. Solidarity Bahrain has the largest medical insurance portfolio in the country which will position us well to benefit from this development. We are also working closely with the government and the Central Bank of Bahrain (CBB) to advocate for mandatory coverage in other areas beyond the current mandatory third-party motor insurance he added. Expanding mandatory coverage will undoubtedly fuel further growth for the industry. On the topic of innovation and technology the CEO emphasised Solidarity Bahrain s commitment to staying ahead of the curve through continuous investment in technology and product development. We recently launched a new third-party motor insurance product that includes features like car replacement and roadside assistance he said. Solidarity Bahrain also prioritises exceptional customer service as a competitive advantage. We ve established a dedicated department focused solely on service delivery and customer experience Mr Mohammed said. We invest heavily in employee training and development to ensure we stay ahead of the evolving customer landscape. The company is actively embracing digitalisation innovation and artificial intelligence (AI). Last year Solidarity Bahrain launched a new user-friendly website for buying insurance and managing policies online. It also migrated the IT infrastructure to the Oracle Cloud aiming to improve customer experience operational efficiency and cost savings through cloud technology and AI. We ve implemented a new system for our life insurance business and introduced innovative products like individual cyber insurance and office comprehensive insurance aligned with the government s SME strategy he highlighted. We ve also streamlined the entire motor claims process through a new digital claims system. The Mutalabat platform connects workshops parts suppliers and customers electronically for faster repairs. Around 80% of our claims are now registered through digital channels. The CEO underscored the importance of digitalisation as a cornerstone of the company s strategy. Digital is the future and we are committed to ongoing investment in this area he said. Today customers can seamlessly interact with Solidarity Bahrain through both physical and digital channels. In fact 60pc of our retail business now comes through digital channels. According to him by embracing digital solutions like InsurTech Solidarity Bahrain is looking to streamline processes personalise offerings and create a more customer-centric experience. This will also help us to attract younger demographics he added. Sustainability is another key focus for Solidarity Bahrain according to Mr Mohammed. Our core mission is protecting people he explained. By offering insurance products we help people build financial resilience and mitigate risk. We are also integrating sustainability principles into our underwriting practices. Sustainable practices adopted by Solidarity Bahrain include reducing paper use using energy-efficient technology and even supporting renewable energy. Our investments prioritise companies with strong environmental and social responsibility Mr Mohammed said. We also partner with eco-friendly organisations and offer insurance products on solar power aimed at encouraging sustainable practices. He also said that the company is fully committed to complying with the new module by Central Bank of Bahrain (CBB) requiring the integration of Environmental Social and Governance (ESG) considerations into listed companies control mechanisms risk management and other business practices. The CEO commended the CBB s efforts in adopting global best practices to support industry growth. He also acknowledged the evolving role of human capital in the age of artificial intelligence (AI). While some jobs will inevitably be replaced by AI new opportunities will also emerge he said. The challenge lies in equipping our workforce with the skills needed for the jobs of tomorrow. Upskilling and continuous learning will be paramount. The interview concluded with Mr Mohammed reiterating the importance of market consolidation and expressing optimism about the outlook for 2024. Bahrain s insurance market is fragmented and consolidation is necessary he said. We believe it s time to create a landscape of strong well-capitalised companies. He cited several reasons for his optimism about growth including cooling inflation the company s participation in government efforts to stimulate Bahrain s SME sector and the upcoming implementation of mandatory health insurance rules.

Read More
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Solidarity wins CFI honour for strategic vision and leadership

Solidarity Group Holding one of the largest takaful groups in the world has been awarded the prestigious Best Strategic Leadership in Islamic Insurance MENA 2024 award by Capital Finance International Awards. This distinguished recognition reflects Solidarity Group Holding s commitment in enhancing and providing innovative solutions within the insurance industry the group said in a statement. The award underscores the company s strategic vision exemplary leadership and outstanding performance in the Islamic insurance sector. Commenting on this achievement Solidarity Group Holding Group chief executive Ashraf Bseisu said: We are truly honoured to receive this esteemed award from Capital Finance International. This achievement reflects our relentless efforts to deliver exceptional takaful services and evolve and meet the diverse needs of our valued stakeholders. We will continue to push the boundaries of innovation and set new standards in the insurance landscape in Bahrain and the Mena region he said. Our resolute dedication to the core values of integrity innovation and customer-centricity will remain the driving force that guides us as we navigate the ever-changing dynamics of the insurance industry. Driven by these essential values and our strategic pillars of leadership through excellence accomplishment and differentiation we will relentlessly raise the bar of innovation and set new benchmarks for excellence in the insurance landscape both within Bahrain and across the expansive Mena region Mr Bseisu added. The CFI Awards have been recognised as a prestigious accolade acknowledging the achievements and contributions of industry leaders across various sectors including Islamic insurance. This award demonstrates Solidarity Group Holding s pioneering strategies remarkable performance and its ability to adapt to the changing dynamics of the insurance industry. Additionally the award further solidifies the company s position as a leading player in the insurance market within the Mena region.

Read More
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Solidarity Bahrain wins ‘Deals of the Year’ award

Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding announced its recent success at the Islamic Finance News Awards. The firm has been honoured in the prestigious Deals of the Year 2023 category for its acquisition of Al-Hilal Life and Al-Hilal Takaful from Ahli United Bank. The acquisition has solidified Solidarity s leading position in the Bahraini market further building upon its previous successful acquisitions of T azur in 2021 and Al Ahlia Insurance in 2016. Commenting on the achievement Solidarity Bahrain chief executive Jawad Mohammed said: We would like to express our immense pride in winning the Deals of the Year 2023 award from the esteemed Islamic Finance News Awards. This recognition follows our recent acquisition of Al-Hilal Life and Al-Hilal Takaful which has been a significant milestone for Solidarity and it is an honour to be recognised by a renowned awarding body such as the Islamic Finance News Awards. This stands as a testament to our commitment to continuously seize expansion opportunities through mergers and acquisitions. He added: I would like to express my gratitude to all employees for their remarkable efforts which has led to this great achievement. We look forward to continuing on this successful growth journey and contributing to the development of the insurance sector within the kingdom. The Islamic Finance News Awards recognise excellence and innovation in Islamic finance celebrating exceptional achievements within the industry. The awards are widely regarded as a benchmark of excellence and are highly sought after by financial institutions operating within this sector. Solidarity Bahrain remains committed to delivering innovative and customer-centric products and services to its valued clients.

Read More
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Solidarity’s Insure and Win campaign set to end in June

Solidarity Bahrain one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding announced it is approaching the end of its successful Insure and Win campaign which has been running since June 2023. Throughout the campaign customers were provided with the opportunity to participate in monthly prize draws by simply purchasing any type of insurance policy. The monthly prizes included highly sought-after gadgets including smartphones tablets and PlayStations. Additionally the lucky grand prize winner of the Insure and Win campaign will be awarded with a Jeep Grand Cherokee. Commenting Jalal Aqelah head of marketing and digital channels at Solidarity Bahrain said: We are delighted by the resounding success of our Insure and Win campaign. It has been an extraordinary journey and we take immense pride in providing our esteemed customers with a unique opportunity to win one of many exciting prizes. He added: As the campaign approaches its conclusion in June we encourage customers to partake in this exceptional opportunity to win valuable prizes. At Solidarity we remain committed to consistently deliver the finest products and services positioning us at the forefront of the insurance sector in the kingdom. The Insure and Win campaign serves as a testament to Solidarity s dedication to delivering unparalleled customer experiences while simultaneously rewarding customers for their trust. It also showcases the company s unwavering commitment to providing comprehensive insurance solutions that enhance the lifestyles of its valued customers.

Read More
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Solidarity launches new car insurance features

Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding announced the launch of Third Party Plus (TP ) and extended car replacement insurance for its customers. As the first-of-its-kind in Bahrain the new product will enable third-party policyholders to benefit from an extensive range of comprehensive insurance features including car replacements for up to eight days and 24/7 roadside assistance across the country. Customers can also receive car repair or compensation worth up to BD10 000 in the event of any accidents involving an uninsured vehicle. Commenting on the launch Solidarity Bahrain head of marketing and digital channels Jalal Aqelah said: We are delighted to be introducing our latest insurance product covering third-party liabilities and more. This one-of-a-kind offering in the kingdom underscores our commitment to delivering exceptional services as a leading insurance provider. At Solidarity Bahrain we continue to prioritise providing our customers with an unparalleled experience in our extensive line-up of products and services. This latest initiative reinforces the company s position as a pioneering force in the kingdom s insurance industry consistently striving to meet the evolving needs of its customers with innovative and comprehensive solutions Solidarity Bahrain added. Customers seeking to apply for the TP and Car Replacement insurance can contact Solidarity Bahrain on 17130000 or visit any Solidarity branch.

Read More
img

Solidarity Bahrain CEO stresses insurance importance in building a secure future

SOLIDARITY Bahrain chief executive Jawad Mohammed has highlighted the vital role the industry plays in creating a strong financial foundation for both individuals and businesses. Our mission is to build a more secure and prosperous future for Bahrain Mr Mohammed told the GDN in the run-up to National Insurance Awareness Day. A healthy insurance sector is essential for a sustainable economy and financial system. Underscoring insurance s core function of mitigating financial hardship caused by unforeseen events the Solidarity Bahrain CEO said Insurance safeguards people against unexpected risks and losses. He pointed to Bahrain s low insurance penetration rate citing industry data and emphasised the vast potential for growth. Currently the insurance penetration rate in Bahrain stands at 1.7 per cent which is significantly lower than the global average of 6.8 per cent. It is estimated that over 80pc of potential risks remain uncovered by insurance in Bahrain. This means that most people and businesses would bear the full financial burden of events like natural disasters accidents or illnesses if they were not insured. To address this gap Mr Mohammed proposed a multifaceted approach. Public education about the benefits of insurance is crucial he said. The industry also needs to develop more affordable and accessible products catering to diverse needs and budgets. The government could explore introducing mandatory coverage such as travel domestic helper medical malpractice and professional indemnity. Established in 2003 Solidarity Bahrain has quickly become a market leader in terms of premium income market share and profitability. Sharing the recipe for the company s success the CEO explained Our commitment to expansion through mergers and acquisitions has been a key factor in our success. Over the past two decades we ve acquired and merged with several companies solidifying our position in the market. He attributed the company s achievements to a clear strategy effective implementation and a talented team. The strategy aimed to improve customer experience staff opportunities and social impact ultimately driving profitability and market share growth. On the market outlook and growth drivers Mr Mohammed said Bahrain s focus on diversifying its economy beyond oil presents insurance opportunities in new sectors like renewable energy and logistics. The market size is only around 750 million but the vast protection gap presents a significant opportunity he noted. We are particularly optimistic about the upcoming mandatory health insurance scheme expected to be rolled out by the government next year. Solidarity Bahrain has the largest medical insurance portfolio in the country which will position us well to benefit from this development. We are also working closely with the government and the Central Bank of Bahrain (CBB) to advocate for mandatory coverage in other areas beyond the current mandatory third-party motor insurance he added. Expanding mandatory coverage will undoubtedly fuel further growth for the industry. On the topic of innovation and technology the CEO emphasised Solidarity Bahrain s commitment to staying ahead of the curve through continuous investment in technology and product development. We recently launched a new third-party motor insurance product that includes features like car replacement and roadside assistance he said. Solidarity Bahrain also prioritises exceptional customer service as a competitive advantage. We ve established a dedicated department focused solely on service delivery and customer experience Mr Mohammed said. We invest heavily in employee training and development to ensure we stay ahead of the evolving customer landscape. The company is actively embracing digitalisation innovation and artificial intelligence (AI). Last year Solidarity Bahrain launched a new user-friendly website for buying insurance and managing policies online. It also migrated the IT infrastructure to the Oracle Cloud aiming to improve customer experience operational efficiency and cost savings through cloud technology and AI. We ve implemented a new system for our life insurance business and introduced innovative products like individual cyber insurance and office comprehensive insurance aligned with the government s SME strategy he highlighted. We ve also streamlined the entire motor claims process through a new digital claims system. The Mutalabat platform connects workshops parts suppliers and customers electronically for faster repairs. Around 80% of our claims are now registered through digital channels. The CEO underscored the importance of digitalisation as a cornerstone of the company s strategy. Digital is the future and we are committed to ongoing investment in this area he said. Today customers can seamlessly interact with Solidarity Bahrain through both physical and digital channels. In fact 60pc of our retail business now comes through digital channels. According to him by embracing digital solutions like InsurTech Solidarity Bahrain is looking to streamline processes personalise offerings and create a more customer-centric experience. This will also help us to attract younger demographics he added. Sustainability is another key focus for Solidarity Bahrain according to Mr Mohammed. Our core mission is protecting people he explained. By offering insurance products we help people build financial resilience and mitigate risk. We are also integrating sustainability principles into our underwriting practices. Sustainable practices adopted by Solidarity Bahrain include reducing paper use using energy-efficient technology and even supporting renewable energy. Our investments prioritise companies with strong environmental and social responsibility Mr Mohammed said. We also partner with eco-friendly organisations and offer insurance products on solar power aimed at encouraging sustainable practices. He also said that the company is fully committed to complying with the new module by Central Bank of Bahrain (CBB) requiring the integration of Environmental Social and Governance (ESG) considerations into listed companies control mechanisms risk management and other business practices. The CEO commended the CBB s efforts in adopting global best practices to support industry growth. He also acknowledged the evolving role of human capital in the age of artificial intelligence (AI). While some jobs will inevitably be replaced by AI new opportunities will also emerge he said. The challenge lies in equipping our workforce with the skills needed for the jobs of tomorrow. Upskilling and continuous learning will be paramount. The interview concluded with Mr Mohammed reiterating the importance of market consolidation and expressing optimism about the outlook for 2024. Bahrain s insurance market is fragmented and consolidation is necessary he said. We believe it s time to create a landscape of strong well-capitalised companies. He cited several reasons for his optimism about growth including cooling inflation the company s participation in government efforts to stimulate Bahrain s SME sector and the upcoming implementation of mandatory health insurance rules.

Read More
img

Solidarity wins CFI honour for strategic vision and leadership

Solidarity Group Holding one of the largest takaful groups in the world has been awarded the prestigious Best Strategic Leadership in Islamic Insurance MENA 2024 award by Capital Finance International Awards. This distinguished recognition reflects Solidarity Group Holding s commitment in enhancing and providing innovative solutions within the insurance industry the group said in a statement. The award underscores the company s strategic vision exemplary leadership and outstanding performance in the Islamic insurance sector. Commenting on this achievement Solidarity Group Holding Group chief executive Ashraf Bseisu said: We are truly honoured to receive this esteemed award from Capital Finance International. This achievement reflects our relentless efforts to deliver exceptional takaful services and evolve and meet the diverse needs of our valued stakeholders. We will continue to push the boundaries of innovation and set new standards in the insurance landscape in Bahrain and the Mena region he said. Our resolute dedication to the core values of integrity innovation and customer-centricity will remain the driving force that guides us as we navigate the ever-changing dynamics of the insurance industry. Driven by these essential values and our strategic pillars of leadership through excellence accomplishment and differentiation we will relentlessly raise the bar of innovation and set new benchmarks for excellence in the insurance landscape both within Bahrain and across the expansive Mena region Mr Bseisu added. The CFI Awards have been recognised as a prestigious accolade acknowledging the achievements and contributions of industry leaders across various sectors including Islamic insurance. This award demonstrates Solidarity Group Holding s pioneering strategies remarkable performance and its ability to adapt to the changing dynamics of the insurance industry. Additionally the award further solidifies the company s position as a leading player in the insurance market within the Mena region.

Read More
img

Solidarity Bahrain wins ‘Deals of the Year’ award

Solidarity Bahrain one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding announced its recent success at the Islamic Finance News Awards. The firm has been honoured in the prestigious Deals of the Year 2023 category for its acquisition of Al-Hilal Life and Al-Hilal Takaful from Ahli United Bank. The acquisition has solidified Solidarity s leading position in the Bahraini market further building upon its previous successful acquisitions of T azur in 2021 and Al Ahlia Insurance in 2016. Commenting on the achievement Solidarity Bahrain chief executive Jawad Mohammed said: We would like to express our immense pride in winning the Deals of the Year 2023 award from the esteemed Islamic Finance News Awards. This recognition follows our recent acquisition of Al-Hilal Life and Al-Hilal Takaful which has been a significant milestone for Solidarity and it is an honour to be recognised by a renowned awarding body such as the Islamic Finance News Awards. This stands as a testament to our commitment to continuously seize expansion opportunities through mergers and acquisitions. He added: I would like to express my gratitude to all employees for their remarkable efforts which has led to this great achievement. We look forward to continuing on this successful growth journey and contributing to the development of the insurance sector within the kingdom. The Islamic Finance News Awards recognise excellence and innovation in Islamic finance celebrating exceptional achievements within the industry. The awards are widely regarded as a benchmark of excellence and are highly sought after by financial institutions operating within this sector. Solidarity Bahrain remains committed to delivering innovative and customer-centric products and services to its valued clients.

Read More
img

Solidarity’s Insure and Win campaign set to end in June

Solidarity Bahrain one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding announced it is approaching the end of its successful Insure and Win campaign which has been running since June 2023. Throughout the campaign customers were provided with the opportunity to participate in monthly prize draws by simply purchasing any type of insurance policy. The monthly prizes included highly sought-after gadgets including smartphones tablets and PlayStations. Additionally the lucky grand prize winner of the Insure and Win campaign will be awarded with a Jeep Grand Cherokee. Commenting Jalal Aqelah head of marketing and digital channels at Solidarity Bahrain said: We are delighted by the resounding success of our Insure and Win campaign. It has been an extraordinary journey and we take immense pride in providing our esteemed customers with a unique opportunity to win one of many exciting prizes. He added: As the campaign approaches its conclusion in June we encourage customers to partake in this exceptional opportunity to win valuable prizes. At Solidarity we remain committed to consistently deliver the finest products and services positioning us at the forefront of the insurance sector in the kingdom. The Insure and Win campaign serves as a testament to Solidarity s dedication to delivering unparalleled customer experiences while simultaneously rewarding customers for their trust. It also showcases the company s unwavering commitment to providing comprehensive insurance solutions that enhance the lifestyles of its valued customers.

Read More

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