Solidarity Group reshuffles board after acquiring controlling stake by Al Salam Bank

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Solidarity Group Holding, one of the largest Takaful groups in the world, announced that Shaikh Khalid Mustahil Al Mashani has been elected as Chairman of the Board effective 10 October 2022.

Shaikh Khalid is also the Chairman of the Board of Directors of Al Salam Bank and Bank Muscat (Oman).

Additionally, Mr. Rashed Ismaeel Al Meer was elected as Vice Chairman while Mr. Hisham Saleh Al Saie, Mr. Zayed Ali Al Amin and Mr. Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, were appointed on the Board of Solidarity Group.

The changes in Solidarity’s Board of Directors follow Al Salam Bank’s transaction with Ithmaar Holding (“Ithmaar Holding”), which included a 55.91% majority stake in Solidarity Group.

Shaikh Khalid Mustahil Al Mashani commented: “I am honoured to have been elected as Chairman of the Board of Solidarity Group.

I would like to take this opportunity to express my appreciation to my colleagues for entrusting me with this responsibility.

I also wish to thank the previous board members who have diligently worked with Management to optimally position Solidarity for future growth.

As a strategic shareholder, Al Salam Bank provides Solidarity with the ability to capitalize on growth opportunities and enhance the Group’s resilience and agility.

The Board and the Shareholders have agreed to pursue a robust growth strategy for Solidarity Group to benefit from the region’s rapidly expanding insurance market.”

Ashraf Bseisu, Group Chief Executive at Solidarity Group Holding, said: “The appointment of Al Salam Bank’s leadership to the Board of Solidarity underlines the Group’s strategic importance to the Bank.

This is a significant milestone for Solidarity and we look forward to working to execute an effective growth strategy backed by Al Salam Bank, Bahrain’s largest Islamic financial institution.”