Solidarity Group Holding elects new Board of Directors at its Annual General Meeting
 

MANAMA, BAHRAIN – 17 May, 2008 – Shareholders of Solidarity Group Holding, a member of the Ithmaar banking group, held board elections at an Annual General Meeting (AGM), held at the Regency Inter-Continental Hotel in Bahrain. The new board membership consists of Khalid Abdulla-Janahi (Chairman), Rashid Ismail Al Meer (Vice-Chairman), Ziad Hassan Al Rawashdeh, James Beltran, Udo Krueger, Jamil Wafa, Salah Al Jaida, Mansoor Mohamed Al Musleh, Mohammed Bucheerei and Ithmaar Bank Co-CEO, Mohamed Hussain. Janahi presided over the AGM, at which shareholders approved the Directors’ Report, the Auditor’s Report and the consolidated financial statements.

Earlier this year Solidarity announced a major corporate restructuring, following its increase in paid-up capital from $150 million to $220 million, which saw the creation of a new Solidarity Group to oversee its various subsidiaries and affiliates. Two new entities, Solidarity Family Takaful Company and Solidarity General Takaful Company, both fall under the umbrella of the Solidarity Group. The Solidarity Group also owns Takaful Islamic Insurance Company (TIIC) in Saudi Arabia, Solidarity Takafol S.A. in Luxemburg and other strategic shareholdings in Saudi, Oman, Jordan and Malaysia.

“Solidarity’s corporate restructuring into a group holding company will allow it to benefit from the positive effects of consolidation and economies of scale. Solidarity Family Takaful and Solidarity General Takaful, which grew out of divisions within the Group’s former structure, will be able to focus on their areas of specialisation, while still following the same long-term strategic goals.  Fueled by its recent capital increase, we expect Solidarity Group Holding to direct its subsidiaries, associates and joint ventures towards,” said Ithmaar Bank Chairman Khalid Abdulla-Janahi.

Solidarity posted a net profit of $7 million for the year ended 31 December 2007, a 31 per cent leap over the previous year.

The main functions of Solidarity Group includes strategic and business planning, Group capital and asset management, group expansion including ventures & acquisitions and the overall provision of corporate services for its subsidiaries such as Finance, IT, Human Resources, Legal and Compliance, and Corporate Communications.

“Solidarity Group Holding is well on track to further growth and expansion.  Its presence in nine different countries across the globe, have us well-positioned to tap into this growth and reinforce our leading position in the takaful market,” said Solidarity Group CEO, Sameer Al Wazzan.

About Solidarity Group:

Solidarity Group, incorporated under the laws and regulations of the Kingdom of Bahrain, has the vision to become the leading international Islamic-oriented financial services group in the world. With an authorised capital of $500 million and a paid up capital of $220 million, the Group oversees and supports its various subsidiaries, associates and joint ventures. With its recently established flagship subsidiaries - Solidarity Family Takaful Company and Solidarity General Takaful Company, both headquartered in the Kingdom of Bahrain, the Group aims to strengthen its financial services offerings, not just in the Middle East, but worldwide.