Qatar, Bahrain in Islamic insurance venture

By Andrew White

Qatar and Bahrain have established a new Islamic insurance company to provide risk cover for the proposed causeway between the two countries.

The joint venture, Al Jasir Takaful Insurance Company, under the sponsorship of Qatar and Bahrain Chambers of Commerce and Industry, has an initial capital of $70 milion.

The company comes as part of several proposed joint ventures including a bank, investment, transport and real estate development companies, an aluminum smelter plant and a glass factory, Qatar daily Gulf Times reported on Thursday.

The new insurance company is expected to start operation soon in Doha and will launch its initial public offering later this year both in Qatar and Bahrain, the newspaper reported.

The Qatari and Bahrain insurance companies will each have a 20 percent stake, while the remaining 60 percent will be offered to the public in both countries.