Tʼazur Company
Native name | شركة تآزر |
|---|---|
| Type | Private |
| Industry | Insurance |
| Founded | 2007 in Manama, Bahrain |
| Fate | Bahrain operations and Qatar branch merged into Solidarity Bahrain in 2022 |
| Successor | Solidarity Bahrain |
| Headquarters | , |
Area served | Bahrain, Kuwait, and Qatar |
| Products | Family and general takaful products |
| Services | Takaful insurance Health insurance Motor insurance Marine insurance |
| Website | tazur |
Tʼazur Company was a Bahraini takaful insurance company that provided family and general Islamic insurance products for individuals and businesses.[1][2] The company was incorporated in Manama, Bahrain, as a closed joint-stock company and was licensed and regulated by the Central Bank of Bahrain.[2][3] In 2022, its Bahrain operations and Qatar branch were merged into Solidarity Bahrain.[4][5]
History
Tʼazur was founded in 2007 by Unicorn Investment Bank after receiving a takaful licence from the Central Bank of Bahrain.[6][7] At launch, the company had an authorised capital of US$500 million, of which US$58 million was issued and paid up, and its founding investors came from Bahrain, Kuwait, Qatar, and Saudi Arabia.[6][1]
In July 2009, Tʼazur announced the launch of its family and general takaful product range in Bahrain.[8] In September 2009, it was authorised by the Qatar Financial Centre Regulatory Authority to operate a general takaful business in the Qatar Financial Centre, becoming the first Islamic general insurance company licensed there.[9][10]
In August 2021, Solidarity Bahrain announced an intention to acquire T'azur's Bahrain operations, including its Qatar branch in run-off, in exchange for newly issued shares in Solidarity Bahrain; the transaction excluded Tʼazur's 70% ownership of Tʼazur Takaful Insurance Company K.S.C. in Kuwait.[4] The merger became effective on 27 January 2022.[5]
References
- 1 2 "الصفحة الرئيسية". تآزر (in Arabic).
- 1 2 "t'azur Insurance Ties Up With Souqalmal.com, As The Latter Launches Operations In Bahrain". t'azur. September 15, 2019.
- ↑ "T'azur". MEED.
- 1 2 "Announcement of Initial Acceptance of Solidarity Bahrain B.S.C.'s Firm Intention to Make an Offer to Acquire 100% of the Assets, Business and Liabilities of the Bahrain Operations of T'azur Company B.S.C. (C)" (PDF). Bahrain Bourse. August 8, 2021.
- 1 2 "Solidarity completes merger with T'azur". Gulf Daily News. January 31, 2022.
- 1 2 "«تآزر» تتسلم ترخيص مباشرة أعمالها من البحرين". الوسط (in Arabic). November 26, 2007.
- ↑ T'azur: the Bahrain-based insurer aims to be market leader in family and general takaful, archived from the original on 2012-10-11
- ↑ "t'azur Introduces Its Takaful Product Range". Zawya. July 6, 2009.
- ↑ "t'azur obtains license to operate First Islamic General Insurance Company in the Qatar Financial Centre". Zawya. September 28, 2009.
- ↑ "IFN - t`azur to operate in QFC". Islamic Finance News.