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ONE of the world's leading insurers and financial service providers Allianz Group has recently opened its doors for residents of the kingdom.
The Allianz MENA Holding Company will operate as an ancillary service provider in Bahrain. It will oversee the group's operations throughout the Middle East and North Africa region as well as the Indian subcontinent and will monitor, support, guide and control the various insurance operations of Allianz.
Jaydeep Sarkar, chief operating officer, said: "In 2007 the Allianz board decided to focus on the Middle East as one of the key growth areas for the group.
"With that in mind Allianz decided to set up a regional office in the Middle East which would coordinate expansion into various countries in the region. Our aim is to expand further to all GCC countries."
The group has also established the Allianz Takaful (Bahrain) launched to undertake family takaful with a focus on Sharia compliant life insurance, investment-linked insurance as well as health and medical insurance.
Takaful is an Islamic insurance concept which is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1,400 years.
It originates from the Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. It is a form of mutual insurance.
Mr Sarkar said: "The reason we applied for takaful is because we feel there is a significant potential in the takaful market in the GCC. We believe there are a lot of untapped sectors that we can venture into.
"We are entering the market which is a fairly competitive but also a fast moving one. Our strategy is clearly to prompt. We try and offer products that are value for customers and we will try and make a difference on the service platforms."
Mr Sarkar added that the company has plans of expansion to various sectors in the Middle East, North Africa and South Asia.
Since the end of the 19th century, Allianz has developed into one of the leading insurers and financial services providers worldwide. Acquisitions in Germany, Europe, the US and Asia have substantially strengthened the company which originated with headquarters in Berlin in 1890.
