News, Takaful Corner
Downturn Blamed For Al Jasr Launch Delay
| February 14, 2010 by Rob Morris
Financial crisis forces founders of a Bahraini-Qatari joint venture to postpone its launch.
The launch of Al Jasr Takaful Insurance Company has been postponed due to unfavourable economic conditions, it has been revealed.
Shaikh Nawaf Bin Mohammed Bin Jabr Al Tani, chairman of the founders’ committee, announced the delay during a recent meeting in Doha. He said the changing business and investment environment caused by the economic downturn had prompted the decision.
No timeframe for when the Bahraini-Qatari joint venture will be established was given. It was originally set to launch this year, with 60 percent of the company to be sold through an initial public offering by 2012.
Al Jasr Takaful Insurance would have been capitalised at $68.7 million on inception.
