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Thursday, April 30, 2009

Al-Hussein Opens al-Aqeelah Takaful Insurance Company

Damascus - Minister of Finance Dr. Mohammad al-Hussein opened on Wednesday, the first takaful (cooperative) insurance company in Syria with a capital of SP 2 billion.

In a statement to the press, al-Hussein affirmed that al-Aqeelah will provide a new dimension to the Syrian insurance sector due to its various services that meet the needs of a wide cross-section of the Syrian society, which include insurance services operating according to Islamic Sharia.

He noted that co-operative insurance companies amount to 30% of global insurance markets, estimating that such companies will achieve similar numbers in Syria, adding that the Insurance Supervision Committee agreed to license two new co-operative insurance companies for work in Syria, which are al-Nour and al-Amana.

The Minister pointed out to sectors that were included in mandatory insurance such as hospitals, labs, x-ray clinics, schools and universities, which were included due to the importance of these sectors and their responsibilities and the care for those who work in them and join them.

In turn, Director General of al-Aqeelah Firas al-Azem said the main activity of the company is co-operative insurance that complies with the laws of Islamic Sharia.

Regarding the company's services, al-Azem said al-Aqeelah signed a contract with GlobeMed International for managing medical costs, which will contract health service providers.

He also noted that profits from investments in Syrian Islamic banks amounted to SP 53.7 million.

CEO of al-Aqeelah Abdul-Hamid al-Dushti said the decision to invest in Syria was due to their belief and care for the future of the promising Syrian economy and their confidence in the opportunities that are provided by the investment environment in Syria, in addition to their desire to participate actively in the economic development process and meet the needs of the Syrian society.

The Syrian insurance market includes 13 insurance companies, two of which are co-operative insurance companies while ten are traditional insurance companies, in addition to the Syrian General Insurance Establishment.

By H. Sabbagh / Mazen

--SANA (Syria Arab News Agency)

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