Al Fajer Retakaful Insurance Company, Kuwait

Feb 05, 2008

We are pleased to announce the launch of Al Fajer Retakaful Insurance Company KSCC (Al Fajer Re), the first retakaful company licensed in Kuwait and the largest global retakaful company with a paid up capital; KD 50million (US$178.5million).

Al Fajer Re has attracted first class regional shareholders, led by Dubai Islamic Investment Group (DIIG) the global Shari’ah compliant investment company of Dubai Group who has taken a 51% shareholding.

Global Investment House, as well as acting lead manager, has committed a significant investment in Al Fajer Re. Global Investment House plays an important role in promoting investment opportunities in the Arabian Gulf peninsula, and brings a strong reputation for investment banking, asset management, private equity investment, real estate investment and brokerage services.

Sameer Al-Gharaballi has been appointed Vice Chairman and Managing Director of Al Fajer Re. Sameer brings a wealth of management experience to the Company, particularly his considerable knowledge in the investment sector. Mr. Al-Gharaballi comments ‘We are delighted that Al Fajer is now underway. Being located in Kuwait provides us with an important access to the Middle Eastern business community and will be used as a perfect platform to offer our specialised and technical underwriting skill sets. Given the clearly evident growth in the Takaful industry, there are excellent opportunities ahead for a new, strongly capitalised Retakaful company. The Company is privileged to have Dubai Islamic Investment Group, Global Investment House and all our other esteemed investors as shareholders. I am confident that with the experienced management team whose professionalism and incomparable regional awareness that we are about to assemble, Al Fajer Re will be a major force in the Retakaful marketplace’

The strong management team is led by the Chief Executive Officer, Jan Davis, who has spent many years working in the region as well as in the London Market and has the width and depth of experience necessary for this important new reinsurance venture. Al Fajer Re’s management would like to thank all their friends throughout the industry who have welcomed Al Fajer Re so enthusiastically and especially those who have given advice and encouragement throughout the planning stage.