The Bank of Bahrain and Kuwait (BBK) has announced a significant financing agreement worth BD58 million with Solidarity Group Holding. This Islamic Murabaha financing will aid Solidarity in its acquisition of Bahrain National Insurance (BNI), a subsidiary of Bahrain National Holding.

Through this agreement, BBK emphasizes its commitment to supporting Bahrain’s economic development and enhancing financial stability in the kingdom. The financing arrangement showcases BBK’s proactive stance in empowering strategic ventures by providing innovative, Sharia-compliant financial solutions that cater to the evolving needs of its clients and partners, particularly in key sectors like insurance.

Yaser Alsharifi, the Group Chief Executive of BBK, expressed satisfaction about the partnership with Solidarity Group Holding for this important transaction. He highlighted that the agreement is a reflection of BBK’s dedication to offering tailored Islamic financing solutions that adhere to the highest standards of Sharia. Alsharifi noted that this collaboration supports major investments in Bahrain and aligns with BBK’s strategic vision to foster impactful partnerships with leading institutions.

Ashraf Bseisu, the Group Chief Executive of Solidarity, shared his gratitude towards BBK for facilitating an innovative acquisition structure. He mentioned that this structure has significantly shortened the execution timeline and mitigated risks associated with the process. While the acquisition is expected to finalize in April 2025, Bseisu indicated that this partnership has already enabled quick progress in acquiring BNI through the Islamic Murabaha financing, marking an important achievement for Solidarity Group’s long-term growth objectives.

Bseisu also pointed out that BBK’s confidence in this transaction underscores Solidarity Group’s strong financial standing and its position as a leading player in the regional insurance industry. He concluded by stating that this acquisition will not only bolster their leadership but will also enhance their operational platform, allowing them to offer unique insurance solutions to a broader customer base.