Allianz has done an
about-turn on its go-it-alone strategy in the Qatar and Bahrain
takaful sectors with its decision to transfer 75% of its
unit serving the two Gulf states, Allianz Takaful, to Bahrain-based
financial service company MedGulf BSC. No financial details of the
deal were announced.

In an announcement, Allianz
stated: “Allianz Takaful will continue to sell the whole range of
takaful and insurance products in the market of Bahrain
and life and health products in Qatar.”

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Allianz Takaful is
headquar-tered in Bahrain and licensed for life and health
insurance by the Central Bank of Bahrain.

Allianz Takaful started its
operations in Bahrain in 2008. In addition, Allianz Takaful has a
branch in Qatar which began operating in 2010.

Founded in 1980, MedGulf is in addition to its home market
active in Saudi Arabia, Lebanon, Jordan, Turkey, the United Arab
Emirates, Egypt and the UK.

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