Mr. Abdul Rahman Khalil Tolefat
Chief Executive Officer - Allianx Takaful




1. What is your outlook on the state of the regional economy? When will we start to see recovery?

The regional economy follows to a large extent the global economy. There tends however to be a time lag, which is a natural factor, particularly in view of the smaller size of the regional stock exchanges, with smaller volumes, and the delay for the macro factors to affect the region.
Globally, a recovery is widely believed to have started this summer, although some opinions remain skeptical.
We believe that the region boasts sound fundamentals and, save for a small number of well identified financial difficulties encountered, will rapidly follow in the footsteps of the global recovery. Note that the regional authorities have acted promptly to allay fears as far as the regional financial system is involved.

2. What is your outlook on the Bahrain insurance market, and the new compulsory medical insurance law proposed?

The Bahrain insurance market is relatively advanced compared to its regional peers. We see it maintaining a leading position, particularly aided by global players establishing a regional base in Bahrain. In particular, Bahrain is seen as a world pioneer in Takaful insurance, just as it has lead the development of Islamic banking until now. We also see the life insurance market growing substantially in 2010, in Bahrain as well as in the rest of the region.

3. What have been the key highlights for your company during 2009?

Allianz Takaful effectively began setting up its operations and launched officially in Bahrain in March 2009.
This was followed by the opening of a branch in Qatar in Q3, one of the fastest expanding markets in the region and indeed worldwide. Also, in the realm of Bancassurance, we have entered into a 5-year partnership with Standard Chartered Bank, who will be offering our products through its branch network in Bahrain.
We are pleased to say that our operations have rapidly been brought up to speed to cope with the raising demand for Takaful insurance in the region. Our progress is as per our ambitious plan announced at the time of our launch.

<< previous | next >>