SABB TAKAFUL OUTLINES SAUDI ARABIAN PLANS

SABB Takaful, one of the 13 insurers granted licences last week to operate insurance business in Saudi Arabia, has issued details of its forthcoming plans. The company said that it would offer both life and non-life takaful products, including home and contents, travel and personal accident. In the commercial sector it will offer marine and cargo risk, commercial fire protection, plus packaged offerings for small to medium-sized enterprises. SABB already provides takaful services in Singapore, Malaysia and the UK. SABB Takaful Co will be a public company incorporated in Saudi Arabia with a start-up capital of SR100m. It will be 32.5% owned by SABB and 32.5% by subsidiaries of the HSBC Group. The balance will be offered to the public in an IPO.