Bank of Bahrain and Kuwait (BBK), a leading retail and commercial bank in Bahrain, has entered into a BD58 million Islamic Murabaha financing agreement with Solidarity Group Holding to facilitate its acquisition of Bahrain National Insurance (BNI), a subsidiary of Bahrain National Holding.

Through this financing agreement, BBK reaffirms its active role in advancing Bahrain’s economic development and fostering financial resilience across the kingdom.

The agreement highlights the Bank’s proactive approach to empowering strategic ventures by delivering innovative, Sharia-compliant financial solutions that respond to the dynamic needs of clients and partners – particularly within essential sectors such as insurance.

Commenting on the signing, BBK Group chief executive Yaser Alsharifi said: “We are pleased to partner with Solidarity Group Holding on this significant transaction, enabling the successful acquisition of Bahrain National Insurance. This agreement is a testament to BBK’s dedication to delivering bespoke Islamic financing solutions that align with the highest principles of Sharia, while fostering impactful partnerships that support large-scale investments in the kingdom.”

Mr Alsharifi affirmed that the agreement represents a key step in BBK’s broader strategic vision to cultivate impactful partnerships with prominent institutions and support forward-looking expansion plans.

The collaboration reinforces BBK’s role in supporting Bahrain’s position as a leading financial hub in the region and beyond, and it is also expected to lay the groundwork for a lasting and productive partnership with Solidarity Group Holding, creating opportunities for continued co-operation and mutual success.

Solidarity Group Holding Group chief executive Ashraf Bseisu said: “We are grateful to BBK for supporting us in putting in place an innovative acquisition structure that has significantly reduced the execution timeline and de-risked the overall process. While the transaction is expected to be completed in April 2025, this strategic collaboration has already enabled us to progress swiftly and efficiently with the acquisition of BNI through an Islamic Murabaha financing arrangement – marking a key milestone in advancing Solidarity Group’s long-term growth ambitions.”

Mr Bseisu further added: “BBK’s trust in this transaction is a strong testament to Solidarity Group’s robust financial position and its standing as a leading player in the regional insurance landscape. This acquisition will reinforce our leadership position, strengthen our operational platform, and enhance our ability to deliver differentiated insurance solutions to a wider customer base.”

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