Bahrain’s new $7bn city insured by Takaful

by David Masters

Story link: Bahrain’s new $7bn city insured by Takaful

The construction of a new $7 billion city to be erected on the coast of Bahrain is insured by Islamic insurance group Takaful International.

Water Garden City, currently being built by Albilad Real Estate, is one of the largest construction projects in the Gulf Cooperation Council.

It will be a residential city, 10 minutes drive from Bahrain International Airport, with world class services, entertainment facilities, and commercial offices.

The cover provided by Takaful International includes contractor all risk insurance and third party liability.

“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 Zeyad Janahi, general manager of Albilad Real Estate.

“From the beginning we realised the importance of having insurance to cover the various perils of this massive project,” he added.

Takaful International explained that the insurance it provides complies with Islamic laws on risk management.

“The insurance coverages for Albilad are in compliance with Sharia principles and will provide adequate protection to Water Garden City,” said Younis Jamal Al Sayed, Takaful International chief executive.