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Bahrain's Al Ahlia Insurance completes merger with Solidarity General Takaful

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Bahrain's Al Ahlia Insurance completes merger with Solidarity General Takaful

Al Ahlia Insurance Co. BSC submitted an official request to the Bahraini Ministry of Industry, Commerce and Tourism to change its legal name to Solidarity Bahrain BSC after its merger with Solidarity General Takaful BSC took effect Dec. 3, following approval from the Central Bank of Bahrain.

Al Ahlia Insurance also received final approval from the central bank to convert its license to takaful, a type of Islamic insurance. It recently issued 50 million new ordinary shares, taking its total issued and paid-up share capital to 111,886,633 shares of 1 Bahraini dinar apiece from 61,886,633 shares. The capital increase was directed toward paying the consideration for the acquisition of Solidarity General Takaful shares.

As of Dec. 5, US$1 was equivalent to 378 Bahraini fils.