VISION

Solidarity Group Holding BSC (c) “Solidarity” or “the Group” vision is to be a leading regional Islamic-oriented financial services group focusing on Islamic insurance and related products.

MISSION

Operate and invest strategically in the MENA region and Asia in a portfolio of companies that provide a range of Shari’a compliant Islamic insurance and related products.

VALUES

As a responsible corporate member of the communities it serves, Solidarity Group Holding values:

  • Commitment to Islamic Finance
  • Transparency
  • Social Responsibility
  • Teamwork & Partnership

CHAIRMAN'S MESSAGE

Solidarity Group Holding (The Group), since its inception, had a vision to be a leading regional Islamic-oriented financial services group focusing on Islamic insurance and related products with a mission to operate and invest in the MENA region and Asia. The Group currently operates in the Kingdom of Bahrain, Hashemite Kingdom of Jordan and Kingdom of Saudi Arabia through its two subsidiaries and an Associate.

SOLIDARITY GROUP PROFILE

Solidarity Group Holding is committed to becoming the world’s leading international Islamic-oriented financial-service group in the world. The company plans to offer superior returns, world-class customer service, avant-grade packages and innovative thinking to its shareholders.

Solidarity Group's authorised capital of $500 million and its paid-up capital of $184 million are being invested toward further improving its performance and quality of client services. As a responsible corporate member of the communities it serves, the company values innovation, integrity, social responsibility, teamwork and partnership as well as transparency as part of its day-to-day operations.

CORPORATE GOVERNANCE

The Ministry of Industries and Commerce (“MOIC”), Bahrain has introduced a new corporate governance code applicable to Joint Stock Companies which are not listed and not regulated by Central Bank of Bahrain effective September 2018. Solidarity Group, being a closely held Joint Stock Company implemented the new corporate governance code and appointed a Governance Officer as required by MOIC. Solidarity Group is in full compliance with the new code.

Solidarity Group is controlled through its Board of Directors. The Board’s main roles are to provide entrepreneurial leadership, approve strategic policies, plans and objectives and ensure that the necessary financial and other resources are made available to meet those objectives. The Board has accordingly formed two sub-committees in order to assist it in the discharge of its duties; namely: The Executive Committee, the Audit & Risk Committee, and the Remuneration Committee and the Nomination & Corporate Governance Committee. The roles and responsibilities of these committees have been defined by the Board in line with best international practice. The Nomination & Corporate Governance Committee is responsible to oversee the Corporate Governance related compliance of the Group.

BOARD OF DIRECTORS

H.E. Shaikh Khalid Al Mashani

Chairman

Vice Chairman of the Board,Chairman of Nomination & Corporate Governance Committee & Member of the Independent Directors Committee

  • Independent Non-Executive Director
  • High Diploma in Statistics from University of Alexandria, Egypt and B.Com from University of Baghdad, Iraq
  • 48 years of experience in Economics, Finance and Investment sectors

Rashed Al Meer

Vice Chairman

Hisham Al-Saie

Director

Zayed Ali Al-Amin

Director

Rafik Nayed

Director

Director and Member of the Audit & Risk Committee

  • Non-Executive Director
  • PhD in Management from Glasgow Caledonian University-UK, Masters of Science in Project Management from George Washington University – USA, Masters of Science in Distributed Systems from Heriot-Watt University-UK and Bachelor of Computer Science from the University of Ajman, UAE
  • 24 years of experience in IT Management and Risk Management.

Key Positions & Directorships held:

  • Board Member of Royal University for Women
  • Acting Deputy CEO for Operation Affairs
  • Executive Director of Risk and Compliance - Social Insurance Organization
  • Committee member of Her Royal Highness Princess Sebeeka Bint Ibrahim Al Khlifa Award for Bahrain Women Empowerment.
  • Formerly, Director of Information Management Directorate - Pension Fund Commission

Dr. Abdulrazaq Al Qahtani

Director

Director, Chairman of the Audit & Risk Committee & Member of the Independent Directors Committee

  • Independent Non-Executive Director
  • Master’s Degree “MBA” from Brunel University of United Kingdom
  • Over 37 years of experience in banking

Key Positions & Directorships held:

  • President of Saleh Hussain Consultancy, Bahrain
  • Independent Board Member and Member of Audit & Nomination and Remuneration Committees of ABC Islamic Bank, Bahrain until 2018
  • Formerly Board Member of Bahrain Development Bank, Bahrain
  • Formerly Board Member and Member of the Nomination & Remuneration Committee of Solidarity Saudi Takaful Company
  • Formerly Committee Member of Saudi Holland Bank, KSA
  • Head of Audit Committee of Al Majdouie Group, KSA
  • Formerly Member of the Audit Committee of The National Healthcare Company, KSA & Alkhabeer Capital -Jeddah KSA

Saleh Hussain

Director

Director, Chairman of the Independent Directors Committee & Member of the Executive Committee & Member of the Nomination & Corporate Governance Committee

  • Independent Non-Executive

Key Positions & Directorships held:

  • Board Member of Health Island B.S.C
  • Holds a Bachelor of Commerce Degree from Bangalore University
  • 36 years of experience in Banking, Investments and Audit. Key Positions & Directorships held:
  • Board Member of Faisal Finance Morocco
  • Board Member of Ithraa Capital, Kingdom of Saudi Arabia
  • Board Member of Egyptian Investment Company, Egypt
  • Board Member of Gulf Company for Financing and Investment, Egypt
  • Board Member of CITIC International Asset Management Limited, Hong Kong
  • Board Member of Solidarity Saudi Takaful Company and member of the Executive Committee, KSA

Hassan Mahmood

Director

EXECUTIVE MANAGEMENT

Group Chief Executive, Solidarity Group Holding BSC (c)

  • Date of joining – 14th August 2006
  • Masters’ in Business Management and Information System from the London School of Economics, United Kingdom and Bachelor’s degree from Southern Methodist University in the United States of America
  • An Associate Member of the Chartered Insurance Institute of the UK and an Associate Member of the American Institute of Management Accountants
  • Over 30 years of experience in the Insurance and Financial services

Key Functions & Assignments held:

  • Chairman of the Board and Executive Committee and Member of Nomination & Remuneration Committee of Solidarity First Insurance Company Plc., Jordan
  • Chairman of Solidarity Takaful SARL, Luxembourg
  • Chairman of Solid Ventures W.L.L., Bahrain
  • Chairman of Solid Capital W.L.L, Bahrain
  • Chairman of the Arab War Risk Insurance Syndicate (AWRIS)
  • Board Member and Member of the Executive Committee and Member of the Nomination & Corporate Governance Committee and Member of the Remuneration Committee of Solidarity Bahrain B.S.C, Bahrain
  • Board Member and Member of the Executive Committee, Aljazira Takaful Taawuni Co., KSA
  • Board Member and Member of the Executive Committee of the Bank of Bahrain and Kuwait (BBK), Bahrain
  • Board Member and Chairman of Executive Committee of United Insurance Company B.S.C. (c), Bahrain
  • Board Member and Chairman of Remuneration, Nomination, & Corporate Governance Committee, Bahrain Institute of Banking & Finance (BIBF), Bahrain
  • Formerly, Chairman of the Bahrain Insurance Association (BIA)
  • Formerly, President of the General Arab Insurance Federation (GAIF)

Ashraf Bseisu

Group Chief Executive

Chief Operating Officer, Solidarity Group Holding BSC (c)

  • Date of joining – 4th January 2004
  • Bachelors’ degree in Commerce from University of Madras, India, Fellow member of the Institute of Chartered Accountants of India and an Associate member of the Insurance Institute of India.
  • Over 35 years of experience in the Insurance, Finance, Auditing and Accounting, Investments & Asset Management, Mergers & Acquisitions, Corporate Strategic Planning, Budgeting, Corporate Restructuring, Internal Audit, Compliance, Corporate Governance and Reinsurance & System implementation functions.

Key Functions & Assignments held:

  • Vice-Chairman of Solid Ventures W.L.L., Bahrain
  • Vice-Chairman of Solid Capital W.L.L., Bahrain
  • Board of Managers of Solidarity Takafol Sarl, Luxembourg
  • Formerly, Board Member of Solidarity Bahrain B.S.C. and Member of the Executive Committee
  • Formerly, Board Member & Member of the Audit Committee of First Insurance Company Plc., Jordan
  • Formerly, Board Member of Mulkiyat Investment Company, Jordan
  • Formerly, Finance Manager at Al Ahlia Insurance Company, Bahrain
  • Formerly, Administrative Officer at United India Insurance Co Ltd., Chennai

Venkatesan Muniswamy

Chief Operating Officer

Assistant General Manager - Investments & Special Projects, Solidarity Group Holding BSC (C)

  • Date of joining: 20th June 2010
  • Masters’ in Business Administration from the Indian School of Business and a qualified Chartered Alternative Investment Analyst
  • 15 years of experience in investments and asset management with particular emphasis on asset allocation and portfolio management

Key Functions & Assignments held:

  • Board Member of Solid Ventures W.L.L, Bahrain
  • Board Member of Solid Capital W.L.L, Bahrain
  • Board Member of Health 360, Bahrain
  • Formerly, Board Member of Solidarity Takafol Sarl, Luxembourg
  • Responsible for managing, group and subsidiarity level asset allocation, financial risk and investment income bottom-line in the context of both proprietary capital and takaful portfolios
  • Actively involved in special projects on group inorganic expansion via acquisition and merger within the Takaful industry

Abhijit Singh

Assistant General Manager
Investments & Special Projects

Chief Executive Officer, Solidarity Bahrain B.S.C

  • Date of joining – 7th December 2003
  • Masters’ in Computing from the University of Sunderland, UK; and Bachelors in Computer Science from Bangalore University, India. Jawad is an Associate of the Chartered Insurance Institute, UK; and a Certified Anti-Money Laundering & Compliance Specialist. He attended the Gulf Executive Development Program at the Darden School of Business, University of Virginia, USA.
  • 27 years’ of experience in business management and Insurance industry

Key Functions & Assignments held:

  • Member of the Investment Committee of Solidarity Group Holding, and also represents the Group on the Boards of various subsidiary companies
  • Board Member and Chairman of the IT Committee of First Insurance Company, Jordan
  • Board member in Health 360 Ancillary Services W.L.L.
  • Board Member in Solid Ventures W.L.L., Bahrain
  • Board Member in Solid Capital W.L.L, Bahrain
  • Chairman of the Bahrain Insurance Association (BIA), Bahrain

Jawad Mohammed

Chief Executive Officer
Solidarity Bahrain B.S.C

Chief Executive Officer, First Insurance Company Plc., Jordan

  • Date of joining: 1st March 2018.
  • Master’s in international finance and Investment from University of Derby, UK.
  • 19 years of experience in the Insurance industry.
  • Board Member- Jordan Insurance Federation

Key Functions & Assignments held:

  • Formerly General Manager at Jordan Emirates Insurance Company, Jordan
  • Formerly General Manager at Med gulf, Jordan

Alaa Abdel Jawad

Chief Executive Officer
Solidarity First Insurance - Jordan

FINANCIAL HIGHLIGHTS

MESSAGE TO SHAREHOLDERS

We would like to inform our esteemed shareholders that Solidarity Group Holding BSC(c) (“the Company”) declared dividends as given below:

  1. For the year ended 31.12.2016 – 3.75%
  2. For the year ended 31.12.2017 – 2.2827%
  3. For the year ended 31.12.2018 – 2.5%
  4. For the year ended 31.12.2020 – 2.75%
  5. For the year ended 31.12.2021 – 2.75%

Also, the Company reduced the paid up capital by 10% through cash payback of paid up capital during the Year 2015.

We note that some of the shareholders have not yet claimed the dividends declared and 10% capital payback. We request such shareholders to claim the amount payable to them by contacting the Company by email or phone as given below:
Email ID: shareholders@solidarity.com.bh
Phone numbers: +973 17567406 or +973 39714242

CONTACT US

Flat 61, Building 2080, Road 2825, Block 428
Seef Tower, 6th Floor, Seef District
P.O. Box 18668, Manama
Phone +973 17 585 222
Fax +973 17 585 200
shareholders@solidarity.com.bh