Allianz Takaful has entered into a partnership with MedGulf (Bahrain), which will see Allianz transferring 75 per cent of its takaful business to MedGulf in a move to further develop their insurance platforms.

In this new partnership, Allianz Takaful will continue to sell the whole range of takaful and insurance products in Bahrain and life and health products in Qatar.

"This is a positive move for both parties," said Allianz Central and Eastern Europe and Mena regional chief executive officer Bruce Bowers.

"With MedGulf a as partner, I believe that our clients and employees will benefit from the know-how and experience of one of the leading insurers in the region," he added.

"This development in Bahrain and Qatar is one step forward providing access for MedGulf to the takaful markets and emphasising the commitment of MedGulf Group to the region," said MedGulf chairman Lutfi F El Zein.

"The combining of the resources of MedGulf and Allianz in Bahrain and Qatar will position our companies to deliver exceptional customer service and innovative products.

"These benefits will be reaped by our stakeholders," he added. The agreement is subject to regulatory approval. – TradeArabia News Service