Gulf Takaful providers

13 July 2010

Six key people leading the development of Islamic insurance services in the region: Saleh Malaikah, Ashraf Bseisu, Chakib Abouzaid, Abdul Rahman Khalil Tolefat, Ali al-Subaihin, Sheikh Khalid bin Thani al-Thani

Saleh Malaikah

Position Chief executive officer (CEO), Salama - Islamic Arab Insurance Company

Biography Saleh Malaikah is the CEO of Dubai-headquartered Salama, one of the oldest and largest takaful providers in the Middle East, with capital of AED1bn ($300m). He also chairs three of the group’s subsidiaries, Bahrain-based Takaful and Retakaful International Investment Company, Saudi IAIC Cooperative Insurance Corporation and Egyptian Saudi Insurance House. Malaikah was a founding member of the Accounting and Auditing Organisation for Islamic Financial Institutions, a standards body for the industry. Malaikah has a doctorate in business administration in investment and finance from Michigan State University in the US and a bachelor’s degree in civil engineering from King Fahd University of Petroleum and Minerals in Saudi Arabia. He previously worked as an assistant professor at King Fahd University.

Contact Tel: (+966) 2 664 7877

Ashraf Bseisu

Position Acting CEO, Solidarity Group Holding

Biography Ashraf Bseisu was appointed acting CEO of Bahrain-based Solidarity Group Holding in February 2010 after working with the firm for four years. Bseisu is president of the General Arab Insurance Federation and chairman of the Bahrain Insurance Association. He has more 20 years of experience working in executive positions in a number of leading Gulf-based financial institutions, including Arab Insurance Group and Trust International Insurance Company. Bseisu has a master’s degree from the UK’s London School of Economics and a bachelor’s degree from Southern Methodist University in the US. He is member of several companies and professional bodies, including the Arab War Risk Insurance Syndicate, GCC Coordination Commission for Insurance & Reinsurance Companies, Takaful Malaysia, and the Human Resources Development Fund
of Bahrain.

Contact Tel: (+973) 1 758 5222

Chakib Abouzaid

Position CEO, Takaful Re

Biography Chakib Abouzaid has been CEO of Dubai-based Takaful Re since 2005. Abouzaid has more than 20 years of experience in the reinsurance and Islamic reinsurance (retakaful) sectors. Prior to joining Takaful Re, Abouzaid served as regional general manager for Middle East and Gulf for Tunis-based retakaful operator Best Re. Abouzaid has a master’s degree in planning & development from Grenoble University in France. He also has a master’s degree in finance and insurance from the Institute of Development & Finance in Tunis. He is a visiting professor at St Joseph University in Lebanon, where he teaches reinsurance pricing. In 2009, Abouzaid oversaw a significant improvement in Takaful Re’s financial performance. The firm reported a profit of $10m for 2009, reversing a net loss of $10.6m in the previous year, on the back of a 43 per cent rise in contributions (the takaful version of insurance premiums) to $48.7m.

Contact Tel: (+971) 4 360 0535

Abdul Rahman Khalil Tolefat

Position CEO, Allianz Takaful

Biography Abdul Rahman Khalil Tolefat began his career as a mathematics teacher at the University of Bahrain before moving into the financial services sector, working initially as a statistician. Tolefat spent nine years at the Central Bank of Bahrain (CBB) in various positions, including head of Islamic banking supervision and head of strategic development. He left CBB to take up his current position at Allianz Takaful in Bahrain, a subsidiary of Germany’s Allianz Group. He has a doctorate from the UK’s Durham University and a master’s in business administration from DePaul University in the US. Tolefat has played a key role in developing international standards in Islamic banking and takaful. He was, for example, a member of the CBB Committee that developed the insurance rulebook and a member of a working group between the International Association for Insurance Supervisors and the Islamic Financial Services Board.

Contact Tel: (+973) 1 756 8222

Ali al-Subaihin

Position CEO, Tawuniya

Biography Ali al-Subaihin has worked at Saudi Arabia’s largest takaful operator, Tawuniya for 14 years and also serves on the company board. Prior to this, he worked for 17 years with the state-owned Saudi Basic Industries Corporation’s affiliate Sadaf in both technical and business capacities. Al-Subaihin graduated with a degree in systems engineering from King Fahd University of Petroleum & Minerals in 1977. Al-Subaihin is a member of several boards in addition to Tawuniya, including being vice-chair of the National Insurance Committee, a member of the Cooperative Health Insurance Council and chair of Waseel Application Service Provider (a health insurance portal). He is also a board member of Najm Insurance Services Company and United Insurance Company, Bahrain. Tawuniya was previously the Company for Cooperative Isurance. It posted a 341 per cent increase in profits in 2009 to SR296m ($79m).

Contact Tel: (+966) 1 218 0100

Sheikh Khalid bin Thani al-Thani

Position CEO, Qatar Islamic Insurance Company (QIIC)

Biography Sheikh Khalid bin Thani al-Thani is CEO of QIIC, which was established in 1995. Sheikh Khalid is a prominent Qatari entrepreneur and sits on the board of a number of firms, including Al-Khaleej Cement Company. He is chairman and managing director of Qatar International Islamic Bank and chairman of Islamic Financial Securities Company. In September 2009, Shaikh Khalid launched the Syrian Islamic Insurance Company, in which QIIC owns a majority stake. He has played a key role in the formation of the International Islamic Bank of Syria and the Islamic Bank of Britain - Europe’s first fully fledged sharia-compliant bank. Sheikh Khalid has a bachelor’s degree in industrial management and a master’s degree in industrial technology, both from the University of Michigan in the US.

Contact Tel: (+974) 4 658 888

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