Takaful International has signed an agreement with Albilad Real Estate Investment to provide insurance coverage for the construction of Water Garden City in Bahrain.

The Water Garden City project, one of Albilad Real Estate Investment's largest developments, is one of the most advanced construction projects in the GCC with a total estimated cost of BD2.5 billion ($6.6 billion). This project is designed to be an urban residential city with world-class services, entertainment facilities and commercial offices.

'We are delighted to sign this agreement with Takaful International, one of the leading insurance firms that provides innovative products and services in addition to dealing with a highly-ranked international reinsurance company,' said Albilad general manager Zeyad Janahi.

'From the beginning we realised the importance of having insurance to cover the various perils of this massive project. Our first task was to appoint AON as insurance consultants and then selected Takaful International as they offer the best insurance coverage with dedicated service. Undoubtedly, choosing Takaful International is an added value to the project because of their technical and professional potential.'

'The insurance coverages for Albilad are in compliance with Sharia principles and will provide adequate protection to Water Garden City,' said Takaful International chief executive officer Younis Jamal Al Sayed.-TradeArabia News Service