Unicorn Investment Bank is launching Tazur, a regional takaful (Islamic insurance) company with authorised capital of $500m concentrating on life, medical and general insurance.
The firm, which has been two years inplanning, has been licensed by the Central Bank of Bahrain, with investors from Qatar, Saudi Arabia, Bahrain and Kuwait.
Omar Fisher, who led the development of Tazur for Unicorn, says the firm will also be looking at making acquisitions to expand its regional presence.
Originally the company had planned to launch in multiple markets across the GCC at the same time (MEED 27:04:07).
However, the current launch only covers Bahrain because other licence applications are still ongoing. The firm has also applied to the UAE for a takaful licence, and is looking to partner with other firms in other markets, while gradually phasing in the Tazur brand.
The firm expects to be underwriting its first policies before the end of the year.
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