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Unicorn Investment Bank (Unicorn) announced the granting of a Takaful license by the Central Bank of Bahrain (CBB) to T'azur, a new regional Takaful company with authorised capital of $500 million offering family (life), medical and general Takaful business lines.
Capital for the new venture has been raised from founding institutional investors in Kuwait, Qatar, Bahrain and Saudi Arabia. Unicorn is also a founding investor in the new company which will operate as an independent entity.
Majid Al Sayed Bader Al Refai, CEO and managing director of Unicorn, said: "The founding of T'azur marks the culmination of over two years of intensive research, due diligence and capital raising on the part of Unicorn's Takaful division and is a response by Unicorn to a clear gap in the market for a major regional Takaful player able to meet the demands of a marketplace that continues to grow in geographical span, penetration level and sophistication."
Omar Clark Fisher, head of Unicorn's Takaful initiative, commented: "T'azur's vision is to become a global leader in serving the vast and largely untapped market for Islamic insurance and savings solutions.
"The company seeks to be a major player in a presently fragmented market that shows vast potential."
T'azur's CEO is Bernhard U Schluep, who joined from Zurich Financial Services Group in New York and Switzerland.
