Shariah-compliant insurer Solidarity Group Holding has secured a BHD 58 million ($153 million) Murabaha financing agreement with Bank of Bahrain and Kuwait Bank (BBK).
The funds will be used to facilitate Solidarity’s acquisition of Bahrain National Insurance (BNI), a subsidiary of Bahrain National Holding.
Early this year, the company’s unit, Solidarity Bahrain signed definitive sale and purchase agreements with Bahrain National Holding (BNH) for the acquisition of 100% of the issued share capital of BNI and Bahrain National Life Assurance, which are wholly owned by BNH. The total purchase price was pegged at BHD 75 million.
“This acquisition will reinforce our leadership position, strengthen our operational platform and enhance our ability to deliver differentiated insurance solutions to a wider customer base,” said Ashraf Bseisu, Group CEO of Solidarity Group Holding.
(Writing by Cleofe Maceda; editing by Seban Scaria)
seban.scaria@lseg.com
