Al-Ahli Takaful Company

completed

The project involves the establishment of a new Shariah compliant life insurance (Takaful) company to be named Al-Ahli Life Takaful Company (Al Ahli Takaful or the company) in Saudi Arabia with an IFC equity investment of up to $4.67 million (up to 17.5% shareholding). The company will be sponsored by National Commercial Bank (NCB), the largest commercial bank in Saudi Arabia as well as the Arab world. The technical partner will be the FWU AG Group Germany, a financial services group that is primarily active in the unit linked life insurance and asset management and has been in operation since 1989. FWU has developed an extensive knowledge base and know how of Takaful Industry and has been working with NCB on this project over the last year. NCB being the largest player in the mutual funds market with a customer base of over one million customers, will manage the investment strategy, marketing, sales and distribution, whereas FWU will assist in product development, provide actuarial and IT support.