BAHRAIN: The Central Bank of Bahrain (CBB) has licensed British insurer Legal & General Group (L&G) to set up two insurance firms, Legal & General Gulf Takaful, and Legal & General Gulf, to operate in the country.
The companies have a combined paid-up capital of BHD10 million (US$27 million), which will be contributed equally by L&G and Bahrain’s Ahli United Bank (AUB). The companies will provide both Islamic and conventional insurance to customers in the Middle East, and their products will initially be marketed through AUB’s branches in the region.
“‘The Middle East insurance sector continues to attract a lot of interest from international firms and many of these firms have opened regional offices in Bahrain,” said Ahmad Abdul Aziz Al Bassam, director of licensing and policy at the central bank. He added that the country’s supervisory framework, which took effect in 2005, has played a major role in attracting reputable international companies such as L&G.