Solidarity Group Holding, a Shariah-compliant insurer, has successfully arranged a Murabaha financing agreement worth BHD 58 million, equivalent to $153 million, with the Bank of Bahrain and Kuwait (BBK). This funding will facilitate Solidarity’s acquisition of Bahrain National Insurance (BNI), which is a subsidiary of Bahrain National Holding.

Earlier this year, Solidarity Bahrain, a unit of Solidarity Group, entered into definitive sale and purchase agreements with Bahrain National Holding (BNH) for the purchase of 100% of the issued share capital of both BNI and Bahrain National Life Assurance. The total cost of this acquisition was set at BHD 75 million.

Ashraf Bseisu, the Group CEO of Solidarity Group Holding, expressed that this acquisition will reinforce the company’s leadership position, strengthen its operational platform, and enhance its ability to provide unique insurance solutions to a broader customer base.