11 July 2008 Latest ratings reflect bank's financial strength, strong capital and sound asset qualityBahrain and Qatar yesterday launched a new joint venture Islamic insurance company with a paid up capital of $70 million with participation by the entire platform of insurance players in both the countries. The joint venture, Al Jasir Takaful Insurance Company, under the sponsorship of Qatar and Bahrain Chambers of Commerce and Industry, will see Bahrain and Qatar insurance companies each having a 20 per cent stake while the remaining 60 per cent will be offered to the public in Bahrain and Qatar. The new insurance company will commence operations soon in Doha and launch its initial public offering later this year both in Qatar and Bahrain. The Islamic insurance company will be licensed and registered in Qatar and listed initially on the Doha Securities Market Doha Securities Market after the IPO and subsequently on the Bahrain bourse. Its focus would be primarily on real estate, motor vehicles crossing the proposed Qatari-Bahraini causeway and marine Takaful. The joint venture agreement was signed yesterday at the Qatar Chamber of Commerce and Industry (QCCI) Qatar Chamber of Commerce and Industry (QCCI) headquarters by Sheikh Nawaf bin Mohammed bin Jabor Al Thani, QCCI QCCI Board member and Chairman of the newly established company, and Sameer Ibrahim Al Wazzan, the Deputy Chairman. Essam Abdullah Yousef Fakhro, Chairman of Bahrain Chamber of Commerce and Industry (BCCI) Bahrain Chamber of Commerce and Industry (BCCI) and his Qatari counterpart, Sheikh Khalifa bin Jassim bin Mohammed Al Thani, were also present.Dr Fakhro said a new horizon for cooperation has opened up for the business communities of Bahrain and Qatar and these need to be translated into joint projects and partnerships, more with the Qartar-Bahrain causeway connecting the two countries beginning to take shape. He said the Takaful insurance company was the fruition of efforts by the chambers of commerce of bit countries. Other major joint projects on the anvil were a Bahrain-Qatar bank and a joint holding company. The company will be headquartered in Doha and a branch in Bahrain was likely to be set up subsequently. © Bahrain Tribune 2008 & omar 1.1:zy