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, Commerce and Tourism (“MoICT”), 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 MoICT. 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 three sub-committees in order to assist it in the discharge of its duties; namely: The Executive Committee, the Audit & Risk Committee, and the Nomination Remuneration & Corporate Governance Committee. The roles and responsibilities of these committees have been defined by the Board in line with best international practice. The Nomination Remuneration & Corporate Governance Committee is responsible to oversee the Corporate Governance related compliance of the Group.

BOARD OF DIRECTORS

Chairman of the Board and 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

Key Positions & Directorships held:

  • Chairman of Solidarity Group Holding B.S.C (closed)

Rashed Al Meer

Chairman

Vice Chairman of the Board, Member of the Executive Committee and Member of the Nomination, Remuneration & Corporate Governance (“NRCG”) Committee

  • Non-Executive Director
  • Master’s Degree “MBA” from University of Glamorgan, UK and Fellow member of the Institute of Financial Accountants UK and the Institute of Public Accountants, Australia.
  • Over 41 years of experience in banking

Key Positions & Directorships held:

  • Chief Executive Officer of Ithmaar Holding B.S.C. and Ithmaar Bank, Bahrain
  • Vice-Chairman of Faysal Bank Limited Pakistan
  • Vice-Chairman of Bahrain Association of Banks
  • Vice-Chairman of the Benefit Company B.S.C, Bahrain
  • Vice-Chairman of the Islamic Banks’ Waqf Fund
  • Formerly, Board Member of Meezan Bank, Pakistan
  • Formerly till mid-2010 Deputy CEO of Shamil Bank and simultaneously Chief Operating Officer of Ithmaar Bank
  • From 2010 to 2013 General Manager, Retail Banking of Ithmaar Bank

Ahmed Abdulrahim

Vice Chairman

Director and Chairwoman of the Executive Committee

  • Non-Executive Director
  • Certified Public Accountant from Boston and BSc in Accountancy from Cairo University
  • Over 31 years of experience in auditing banks and financial institutions

Key Positions & Directorships held:

  • Board member IB Capital, Bahrain
  • Board member Ithmaar Holding, Bahrain
  • Board member Ithmaar Bank, Bahrain
  • Board member of Dilmunia General Partner Company Limited
  • Managing Partner of R M House of Design
  • Chairperson of Alanzoor Physiotherapy
  • Board Member of BNP Paribas Investment Company, Saudi Arabia
  • Board Member and Chairwoman of the Audit Committee of Bahrain Mumtalakat Holding Co.
  • Formerly, Board Member of the Economic Development Board of Bahrain
  • Formerly, Board Member of Bahrain Real Estate Investment Company (EDAMAH)
  • Formerly, Country Senior Partner of PricewaterhouseCoopers Bahrain and Financial Service leader for PwC Middle East
  • Formerly, Chairperson of the Standard Interpretation Committee at AAOIFI
  • Formerly, Board Member of Bahrain labour Fund “Tamkeen”
  • Formerly, Board Member of University of Bahrain

Elham Hassan

Director

Director and Chairman of the Nomination, Remuneration and Corporate Governance (“NRCG”) Committee

  • Non-Executive Director
  • Masters’ Degree in Health Facility Planning and Bachelor Degree in Civil Engineering from the University of London
  • Over 38 years of experience in Engineering, Finance, Economics, Training and labour & trade union issues.

Key Positions & Directorships held:

  • Chairman of Solidarity Saudi Takaful Company
  • Board member of Ithmaar Holding
  • Board member of IB Capital
  • Board Member and Member of the Risk Management and Chairman of Nomination & Remuneration Committee of Ithmaar Bank B.S.C (c)
  • Board Member of Faysal Bank Ltd, Pakistan
  • Board Member and Chairman of the Audit Committee of Naseej B.S.C (c)
  • Formerly, Vice-Chairman and Member of Audit Committee of Al Ahlia Insurance Company B.S.C., Bahrain
  • Formerly, Chief Executive of Tamkeen
  • Formerly, Chairman of Bahrain Training Institute
  • Formerly, Board Member of Bahrain Society of Engineers
  • Formerly, Assistant Undersecretary for Training at the Ministry of Labour
  • Formerly, Director of Engineering & Maintenance at the Ministry of Health

Abdulellah Al Qassimi

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

Abdulrazaq Al Qahtani

Director

Director, Chairman of the Audit & Risk Committee and 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 and Member of the Executive Committee

  • Non-Executive Director
  • Certified Public Accountant (CPA) USA, Certified Arab Accountant, MBA Financing & Business Law from University of Maine, USA, M.S.B Accounting from Husson University, Maine, USA and Bachelor’s Degree in Accounting from Kuwait University
  • Certified Director having completed the INSEAD - Directors Program.
  • Over 33 years of experience in Public Accounting, auditing major public & private sector organizations in the GCC and internationally (including the US and UK)

Key Positions & Directorships held:

  • Chairman of Bahrain Accountants Association
  • Board Member and Chairman of Audit & Risk and Corporate Governance Committees and Member of Nomination & Remuneration Committee of Bahrain Flour Mills Co., Bahrain B.S.C.
  • Formerly, Board Member and Member of the Audit Committee of Naseej B.S.C., Bahrain
  • Formerly, Board Member of Al Areen Palace and Spa, Bahrain
  • Formerly, Board Member and Chairman of Financing Committee of Supreme Council of Vocational Training, Bahrain
  • Formerly, Board Member and Chairman of Executive Committee and Member of Nomination and Remuneration Committee of Al Ahlia Insurance Company B.S.C., Bahrain

Abbas Radhi

Director

Director, Member of the Audit & Risk Committee, Member of the Nomination, Remuneration & Corporate Governance (“NRCG”) Committee and Chairman of the Independent Directors Committee

Key Positions & Directorships held:

  • Board Member of Health Island B.S.C
  • Independent Non-Executive
  • 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
  • Vice Chairman of the Board and Chairman of the Executive Committee and Member of the Nomination & Remuneration Committee of Solidarity Bahrain B.S.C, Bahrain
  • Vice Chairman of the Board, Chairman of the Executive Committee, and Member of the Investment Committee of Solidarity Saudi Takaful Company, 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 the Remuneration Committee of the Bahrain Institute of Banking & Finance (BIBF), Bahrain
  • Chairman of the Arab War Risk Insurance Syndicate (AWRIS)
  • Formerly, Chairman of the Bahrain Insurance Association (BIA)
  • Formerly, President of the General Arab Insurance Federation (GAIF)

Ashraf Bseisu

Group Chief Executive, Solidarity Group Holding

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
  • 34 years of experience in the Insurance, Finance, Auditing and Accounting, Investments & Asset, Management, Mergers & Acquisitions, Corporate Strategic Planning, Budgeting, Corporate Restructuring, Internal Audit and Reinsurance & System implementation functions

Key Functions & Assignments held:

  • Board Member and Member of the Executive Committee of Solidarity
    Bahrain B.S.C, Bahrain
  • Vice Chairman of Solid Ventures W.L.L., Bahrain
  • Vice Chairman of Solid Capital W.L.L, Bahrain
  • Board Member of Solidarity Takafol SARL, Luxembourg
  • Formerly Board Member & Member of the Audit Committee of First Insurance Company Plc., 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, Solidarity Group Holding

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, and Certified Financial Risk Manager
  • 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, Bahrainn
  • Formerly Board Member and member of the Executive committee in Solidarity Bahrain B.S.C, Bahrain
  • Formerly Board Member of Solidarity Takafol SARL, Luxembourg

Abhijit Singh

Assistant General Manager - Investments & Special Projects, Solidarity Group Holding

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.
  • 26 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 Risk Committee, and Member of the Nomination & Remuneration Committee, of Solidarity Saudi Takaful Company
  • Board Member and Chairman of the IT Committee of First Insurance Company, Jordan
  • Board Member of Solid Ventures W.L.L., Bahrain
  • Board Member of Solid Capital W.L.L, Bahrain
  • Vice 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
  • Masters’ in International Finance and Investment from University of Derby, UK 19 years of experience in the Insurance industry

Key Functions & Assignments held:

  • Formerly General Manager at Jordan Emirates Insurance Company, Jordan
  • Formerly General Manager at Medgulf, Jordan
  • Formerly Board Member in Jordan Insurance Federation

Alaa Abdel Jawad

Chief Executive Officer, First Insurance Company Plc., Jordan

Chief Executive Officer, Solidarity Saudi Takaful Company, KSA

  • Date of joining: 10th September 2016
  • Masters’ in Accounting from Oklahoma City University, USA
  • 18 years of experience in the Insurance, Banking and Telecom industry

Key Functions & Assignments held:

  • Formerly Manager at Tawuniya Insurance Company, Riyadh, KSA
  • Formerly Financial Controller, Saudi Telecom Company, Riyadh, KSA

Bader Khalid Al Anzi

Chief Executive Officer, Solidarity Saudi Takaful Company, KSA

FINANCIAL HIGHLIGHTS

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
mail@solidaritygroup.com