TAKAFUL AND RETAKAFUL COMPANIES In 1996 there were 30 institutions transacting takaful business – 6 countries in the Middle East and Asian centres such as Malaysia, Indonesia and Brunei. There are now about 80 Takaful companies, 200 conventional companies operating under takaful windows and 10-12 Retakaful companies worldwide. Most of these have limited capital and therefore require extensive reinsurance support for capacity. In the absence of Islamic reinsurance they are forced to seek conventional reinsurance cover. Overall Gross Premium Written (GPW) for Islamic insurers are estimated at USD 500,000 million with average 10% annual growth. The Retakaful Industry unlike the conventional reinsurers shows much diversity :

• State dominated markets – Egypt • Markets with almost no local industry – Saudi Arabia • “Frontier” markets - Iraq

Islam is the world’s fastest growing religion – estimated at around 235% growth in the last 50 years reaching 1.5 billion people. There are large minority Islamic populations in key Islamic countries and there are large Islamic communities in the US and Europe. The takaful market is expected to represent $6.7 billion by 2010. As can be seen, there is significant growth in emerging markets and a growing need for more reinsurers with adequate capacity. GLOBAL OVERVIEW Statistics from the Institute of Islamic Banking and Insurance show the geographical spread of Takaful business in 2000 as below:

Malaysia $143m

Other Asia Pacific $50m

Europe, USA $6m

Arab Countries $340m

World Bank statistics show that in 2002: US, Japan and Europe constitute 90% Others (Emerging Markets) 10%

However the Emerging Markets constitute 85% of the global population but only represent 22% of global GDP and contribute to 10% of the global GPW or USD $263 Billion. The Middle East and Central Asia, with a population of 286 million represents 4.4% of world population World Bank statistics show that in 2003 8.06% of the GDP was spent worldwide on insurance products. This is broken down into: EU 8.4% North America 9.4% Japan 10.9% EMERGING MARKETS Asia 3.8% Middle East/Central Asia 1.65%

EU

North America

Japan

Asia

Middle East/Central Asia

On the basis of the evidence collated indications are that the higher per capita income, the higher is the amount of money and the share of income spent on insurance. In 2003 per capita expenditure (insurance density) in the Arab region reached US $23.7 compared to $22.1 in 2002. (The world average is US $470) EMERGING MARKETS Where global growth is only 5.5%, the Emerging Markets are expanding by double digit growth, and this is primarily in two countries -

• CHINA 62% • INDIA 14.1%

The energy based economies in the Arab Region have recorded substantially higher real GDP growth of 7% in 2003 vis-à-vis 4.6% in 2002. The market size based on an analysis by Takaful Ta’awuni (Bank Aj Jazira- 2004) indicated that the Takaful market size in1998 was $500m and in 1011 will be $10 billion in life and non life with the majority of business coming out of Europe.

TAKAFUL BUSINESS PROJECTIONS The chart below illustrates the potential for Takaful business for the year 2015 as prepared by the Institute of Islamic Finance and Insurance.

The global takaful market is expected to grow at between 15% and 20% annually. Total world wide direct takaful premiums (non life and life) are expected to reach US $7.4 billion and approximately 52 % of this will be attributed to non life products.

GULF, MIDDLE EAST, NORTH AFRICA AND ASIAN TAKAFUL/RETAKAFUL COMPANIES

Name of Company Contact Details Capitalisation And Rating

General Info

AL-AHLI TAKAFUL

Bahrain Paid up capital $2.65M

Set up by Saudi Arabia’s Commercial Bank with a shareholding of 75% and FWU AG of Germany who will hold 25% The NCB has operated an offshore banking unit, the Saudi National Commercial Bank (SNCB), in Bahrain since 1978. The establishment of Al-Ahli Takaful follows the launch in 2002 of NCB as a full commercial bank in Bahrain. The NCB, has its headquaters in Saudi Arabia and is one of the largest financial institutions in the Middle East, with assets in excess of US$28 billion. FWU is a financial services firm headquartered in Munich. Its operations include life insurance, mutual funds and asset management.

AL-AHLIA INSURANCE COMPANY

Po Box 5282, Manama, Bahrain Tel: 97317225860 Web: www.alahlia.com

AL-BARAKA UNITED INSURANCE (SUDAN)

Sudan

AL-SALAM ISLAMIC TAKAFUL COMPANY

(BAHRAIN)

Bahrain

Previously known as Bahrain Islamic Insurance Company

ARAB REINSURANCE COMPANY (LEBANON)

P.O.Box: 9060 Beirut, Lebanon Tel: +961 989 931 Fax: +961 989 500 Website: www.arabre.com.lb

B+ rating achieved.

Arab Re was established on 11 March 1972 in Lebanon and is now a major player in the Arab region. Its main role is to provide reinsurance security to Arab insurance companies and to offer its technical service to them by way of providing training opportunities and assistance in areas such as designing of reinsurance programs for direct insurers, working out of commutation agreements and problem solving support in matters related to claims and technical accounts. Arab Re is currently upgrading its IT facilities and it will soon be able to offer assistance in this area to its cedants and fellow regional reinsurers. It will soon finish developing software applications that will be instrumental in enabling it to offer assistance in a crucial area that is to say fixing appropriate retention levels for direct insurers with reference to their financial resources. Shareholders: please see the attached further info Directors: please see the attached further info

ARIG (ARAB INSURANCE GROUP) (BAHRAIN)

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Arab Insurance Group (Arig) is to set up a specialist Islamic reinsurer,

$125m capital and based in the Dubai International Financial Centre in the United Arab Emirates. Arig will own 51% of the new firm. The rest will belong to selected Islamic institutional investors. .

�rab Insurance Group (B.S.C) – is one of the largest Arab-owned reinsurance organizations in the Middle East and North Africa (MENA) region.

Established in 1980 by the governments of Kuwait, Libya and the United Arab Emirates, it has become one of the leading Arab reinsurers with a sound reputation as a dependable partner for the insurance industry in the region.

The Company is ranked among the top 100 global reinsurers and enjoys a “BBB long-term counterparty credit and insurer financial strength” rating by Sta� �� �!�"���#�$%!"&���

ARABIAN MALAYSIAN TAKAFUL (SAUDI)

PO Box 11641, Manama, Bahrain Tel: 97317290510 Fax: 97317293538 www.amtc-takaful.com

Incorporated in Manama in 2000, transacting insurance compliant with shari’ah principles and currently registering in Saudi.

ASEAN RETAKAFUL INTERNATIONAL GROUP (MALAYSIA)

Level 14, Block 4, Financial Park Complex, Jen Merdeta 8700, Labuan, Malaysia Tel: 6087451301 Web: www.aseanretakaful.com

The group comprises takaful operators in Malaysia, Brunei, Indonesia, Turkey, Singapore and Sri Lanka, is testimony to Labuan's growing prominence in this area of business, together with retakaful capacity. Malaysian takaful business already constitutes 34% of the total global market of USD550 million. LOFSA will be implementing more measures to facilitate the development of takaful business, a sector that is estimated to grow by 25-40% annually. ARIL was incorporated in 1997 with a paid up capital of USD 4 mn and is the first Islamic reinsurance company in Asia.

ASURANI TAKAFUL KELUARAGA (INDONESIA)

Indonesia

Part of the Asean Takaful Group, which also includes

BANK AL-JAZIRA TAKAFUL TAWUNI (SAUDI)

Saudi Arabia

B.E.S.T. RE (TUNISIA)

Rue du Lac de Côme, Zone Nord, Les Berges du Lac, B.P. 484 - 1080 Tunis Cedex Tel: (216) 71 86 03 55 Fax: (216) 71 86 10 11 / 71 86 20 14 Web: www.bestre.com.tu

Founded in 1985 by Dallah Al Baraka Group, a pioneer in the participatory financial services. For 17 years, BEST Re has been developing throughout the emerging markets, specific reinsurance and insurance products that are tailored to the needs of Muslim customers and which meet in their principles the mutual philosophy. For this reason, BEST Re is firmly committed to the mutual concept and to supporting the cooperative and mutual movement in developing countries through its collaboration with ICMIF. As a member of ICMIF, BEST Re intends to join its efforts to those of ICMIF to continue promoting the Mutuality philosophy in the Muslim world and to set up cooperative based insurance schemes.

BIMEH IRAN Fatemi Avenue No 107 The company was incorporated in 1935.

INSURANCE COMPANY (IRAN)

Postal Code 1455-6363 Tehran IRAN Tel 98 21 8954677 Fax 98 21 895 4678 www.iraninsurance.com

It has a strong presence in Iran. It owns BIMEH Insurance (UK) and has approximately 13 foreign branches, 2466 branches and 1272 agencies in the Persian Gulf Region.

BUMIPUTERA (INDONESIA)

PO Box 4586, Jakarta 12910, Indonesia Tel: +62 21 251 2154/2157 Fax: +62 21 251 2125 www.bumiputera.com

Bumiputera was set up with the aim of mutual cooperation and a desire for economic security for all. Now, with over 5 million policyholders and participants, the management's philosophy is to be the biggest, the strongest, the most profitable, and the most respected insurance company.

CUMBERLAND INSURANCE & REINSURANCE COMPANY (LEBANON)

Capitole Bdg, 6th Floor, Riad El Solh Sq, Beirut, Lebanon Tel: +9611 990 022 Fax: +9611 992 323 Website: http://www.cumberland.com.lb/AboutUs/welcome.shtml

Founded in 1994, the company is capitalised (paid up) to LBP 3,000,000,000. The Company’s financial rating (BB) is based on the unfavourable level of underwriting exposure, good liquidity, average level of underwriting operations and relatively unfavourable capitalisation.

DUBAI ISLAMIC INSURANCE AND REINSURANCE COMPANY (UAE)

Dubai

THE EGYPTIAN REINSURANCE COMPANY (EGYPT)

e-mail: g.hamza@egyptre.com

Website:

www.egyptre.com.eg

B++ The Egyptian Reinsurance Company, the first reinsurance company in the Middle East and Africa established in 1957, is authorized to underwrite all classes of reinsurance business in Egypt as well as direct and reinsurance business in the international market. Egypt Re has been affirmed a rating of BBBpi by Standard and Poor’s for the year 2001 and B++ by A.M.Best for the year 2002. These ratings reflect the company’s very good capitalization, strong operating performance and investment returns. During the last five years, paid-up capital has been increased four folds through capitalization of reserves. In January 2002 paid-up capital was increased by LE 100 million to LE 425 million, and last of which in 1st January 2004, where paid-up capital was increased by LE 75 million to LE 500 million to further strengthen Egypt Re’s financial base.

EGYPTIAN SAUDI HOME

54 El Battal Ahmad Abdel Aziz St. , El-

Chairman : Mr. Saleh Gamil Malaeka

INSURANCE (EGYPT)

Mohandessin , Giza , Egypt.

www.eisa.com.eg/

Managing Director : Mr. Abdel Raaouf Ahmed Kotb

FIRST TAKAFUL INSURANCE COMPANY (KUWAIT)

Kuwait http://www.firsttakaful.com/

First Takaful Insurance Company was established in July 2000 according to Law 24 of 1961 as the first company in Kuwait to offer Islamic Takaful insurance services according to Islamic Laws. The Company is considered a pillar in Islamic Sharia Insurance services in Kuwait. It is also a major contribution to the Islamic Economic Concept and System in Kuwait.

FIRST TAKAFUL INSURANCE (PAKISTAN)

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Pakistan �

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GLOBAL ISLAMIC INSURANCE (SAUDI)

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Saudi Arabia �

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INTERNATIONAL ISLAMIC INSURANCE COMPANY (JEDDEH)

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�.O. Box 11666, Jeddah 21463, Saudi Arabia Tel: +96626444833 / 6433547 / 6440822 Fax: +96626422434 www.iiic.com.sa

.

The company based in Jeddah, provides only non-life products through direct distribution. It has seventy employees. The Net Premium Income for 2003 was approximately SR 45 million (USD 12 million).

The Board of Directors are appointed by the shareholders, there are two seats elected by policyholders. The Shariah Council ensures that all actions of the directors are in accordance with Islamic Law and ensures that policyholder welfare is protected. Established in 1981 by the Faisal Islamic Bank, IIIC is a sister company of ICMIF member in Sudan, The Islamic Insurance Company.

ISLAMIC ARAB INSURANCE COMPANY – SALAMA (DUBAI)

Al Makhawi Building, Suite 101 P.O.Box 10214, Dubai Tel: + 971 4 3355300 Fax: +971 4 3356223 http://islamicarab.ae/

An established Islamic insurance and reinsurance company, 'Salama' was recently listed on the Dubai Financial Market following an IPO. The authorised capital is Dh1 billion. 'Salama' has six Takaful companies and provides services in 70 countries through Tunisia headquartered BEST Re, the world's biggest Islamic 'Retakaful' company��

ISLAMIC INSURANCE AND RE-INSURANCE COMPANY (BAHRAIN)

P.O.Box 2948, Manama Bahrain Tel: (973) 231 402 Fax: (973) 256 934 Tlx: 9338 BESMEH BN http://www.altawfeek.co

Part of the Al Baraka Investment & Development Company which

m/corinf4b.htm ISLAMIC COMMERCIAL INSURANCE COMPANY (BANGLADESH)

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ISLAMIC INSURANCE COMPANY (JORDAN)

Jordan

ISLAMIC TAKAFOL & RETAKAFOL COMPANY (BAHAMAS) LTD

Po Box N4877, Bahamas Tel: +3228306 Fax: +3265766

ISLAMIC TAKAFOL & RETAKAFOL COMPANY (SAUDI)

Khalid Ben Al Waleed Street Salim Centre 1st Floor, Jeddah 21444 Tel: 966 2 653 23 40 Fax: 966 2 651 64 14

ISLAMIC INSURANCE & REINSURANCE COMPANY (IIRCO) (SAUDI)

Palestine Road Dallah Tower Jeddah 21411 Tel: 966 2 671 00 00 Fax: 966 2 667 54 74

Islamic insurance and reinsurance Co.(IIRCO). 1985. S.Arabia/Bahrain. Insurance Co. 1989. Member of the Accounting and Auditing Organisation for Islamic Institutions.

JAPANESE MILLEA HOLDINGS IN RETAKAFUL

Yahoo Australia surprised the editor with the message that the Japanese Millea Holdings Inc group targets USD 24.3 mn in premium revenue in 5 years in its new takaful insurance business. The reinsurance subsidiary in Singapore with a capital of 1.6 billion Yen (USD 15.5 mn) will initially underwrite insurance risks in Saudi and Malaysia.

KUWAIT REINSURANCE COMPANY (KUWAIT)

Munther Towe, Al-Sour Street, Kuwait, PO Box 21929 Safat 13080 Tel: +965 243 2011 Fax: +965 242 7823

Incorporated in 1972 in Kuwait. It is the only reinsurance-focused Kuwaiti Company with a license to conduct reinsurance business. In parallel to the growing activities and financial necessities of the Company, Kuwait Re has been increasing its capital since its incorporation to undertake more activities. At the end of September 2003, the paid-up capital of the Company stands at KD9,955,575 with share par value of 100 Fils. The shareholders’ equity stands at KD26,995,719 or 271 Fils per share. The Company has a strong and liquid asset base of KD 42.1 million with more than KD21.9 million in cash and equivalents. Up to September 2003, the net profits were KD1.8 million. The financial rating (A) of the company is based on very good level of underwriting exposure, good liquidity

and capitalisation level. LABUAN REINSURANCE (L) LIMITED (MALAYSIA)

Suite 51, 5th Floor, BKIC House, Diplomatic Area, PO Box 2201, Manama, Bahrain Tel: 97317531232 Fax: 97317531242 Web: www.labuanre.com.my

BBB Labuan Re was incorporated in the International Offshore Financial Centre of Labuan (an island off the south-west coast of Sabah, a state in East Malaysia), on September 14th, 1992 with a paid-up capital of US$10 million. The Company was established as an international reinsurer and has over a short period of time become a major player in the Afro-Asian insurance/reinsurance industry. The authorised capital of the Company is US$500 million. The Company currently has a paid-up capital of US$150 million. An additional US$50 million has been allotted but not called, as the current paid-up capital is sufficient to support the Company's volume of business for the present and the immediate future.

MALAYSIAN NATIONAL REINSURANCE BERHAD (MALAYSIA)

12th Floor, Bangunan Malaysian Re, No 17, Lorong Dungun, Damansara Heights, Locked Bag 11608, 50990, Kuala Lumpur Tel: 0320935000 Fax: 0320937000 www.malaysian-re.com.my

Malaysian Reinsurance Berhad (Malaysian Re) was incorporated on 27 August 2004 as a wholly owned subsidiary of MNRB Holdings Berhad (MNRB). As part of the restructuring exercise of the MNRB Group, the reinsurance business, the reinsurance licence and reinsurance assets were transferred from MNRB to Malaysian Re on 1 April 2005.

METROPOLITAN INSURANCE COMPANY LIMITED (GHANA)

Ghana

NATIONAL REINSURANCE COMPANY (SUDAN) LIMITED

NATIONAL COMPANY FOR COOPERATIVE INSURANCE (NCCI) (SAUDI)

700 King Fahad Road, PO Box 86959, Riyadh 11632, Saudi Arabia Tel: 96612180100

www.ncci.com.sa

NCCI is half owned by the Public Investment Fund (PIF), with the General Organization for Social Insurance and Pension Fund each holding 25 percent. The IPO included PIF’s five million shares and one million from each of the two other shareholders.

PRIME LIFE INSURANCE LIMITED (BANGLADESH)

Bangladesh

QATAR ISLAMIC INSURANCE COMPANY

.

(QATAR) Qatar PT SYARIKAT TAKAFUL (INDONESIA)

Indonesia

SAUDI GENERAL INSURANCE COMPANY EC

PO Box 1866, Jeddah 21441, Saudi Arabia Tel: 026516610 www.sgi-sa.com

Saudi General Insurance Company E.C. is operating in the Kingdom of Saudi Arabia through its General Agent "Saudi General Investments Trading & Services Co." (Member of Abdulaziz Abdullah Al Sulaiman Group of Companies), the Head Office is located in Jeddah with a network of offices in Riyadh and Dammam.

The Insurance Division of the Group has been in operation in the Kingdom of Saudi Arabia since 1969. The Company has access and direct relation with all leading Underwriters / Reinsurance Companies in Europe and U.S.A. markets and has the backup of the Nasco Karaoglan Group and is an approved Company by the Royal Commission for Jubail & Yanbu since 1982. ��

SHEIKAN INSURANCE & REINSURANCE COMPANY (SUDAN)

Shiekan Bdg, El-Souk El-Arabi, PO Box 10037, Khartoum, SUDAN Tel: 249 11 784816 Fax: 249 11 776849 Web: www.sheikhanins.com

Formed as a Takaful insurer to provide marine insurance in 1983. Shiekan is owned by The National Economic Corporation. Shiekan began selling Takaful life in 1993 and last year launched a medical insurance product. Shiekan Insurance classifies itself as a cooperative although for legislative purposes it is a limited company with shares owned by the National Economic Corporation (NEC). As with other Takaful organisations the shareholder, NEC, is only allowed to share in the returns on its investment ands not allowed to touch the surplus from insurance activities�

SIYARIKAT TAKAFUL AL-ISLAMIYAH (BAHRAIN)

Bahrain

SIYARIKAT TAKAFUL MALAYSIA BERHAD (MALAYSIA)

Malaysia

SOLIDARITY ISLAMIC TAKAFUL AND RETAKAFUL

PO Box 18668, Manama Kingdom of Bahrain

Solidarity is ncorporated under the laws and regulations of Bahrain. Its main purpose is to focus on providing products that comply with Islamic

COMPANY www.solidarity.cc

Shariah across the GCC and selected Middle Eastern, European, and Asian countries.

It has been set up in direct response to the growing demand for Takaful insurance products across the region. Realising the scope of this unique and ever-expanding Islamic system of insurance and assurance, Solidarity is poised to lead the way in providing the utmost safety and protection against the widest possible risks, along with a diverse range of prudent saving opportunities.

With US$ 100,000,000 paid in capital, they are gearing up to be the largest Takaful Company in Bahrain and the largest Islamic Insurance Company in the world.

Its shareholders are: �

40% Faisal Finance Luxembourg S.A 20% Pension Fund Bahrain 20% Qatar Islamic Bank 10% Mr. Khalid Bin Ahmad Al-Sowaidi 10% Other Investors

�SOSAR AL AMANE (SENEGAL)

67, Boulevard de la Republique BP: 21 022 Dakar - Senegal Tel: +221 8494802 Fax: +221 8229446 www.salama.ae

The Company is part of the SALAMA/BEST RE group, facilitating the takaful lines in Senegal.

TAKAFUL AUSTRALIA

Australia

TAKAFUL IBB BERHAD (BRUNEI)

Unit 5, Block A, Kiarong Complex Lebuhraya Sultan Haji Hassanal Bolkiah Brunei Darussalam www.takaful-ibb.com

TAKAFUL IKHLAS (MALAYSIA)

Part of the Asean Takaful Group

TAKAFUL INTERNATIONAL (BAHRAIN)

Po Box 32308 Bahrain

TAKAFUL

ISLAMIC INSURANCE COMPANY EC (BAHRAIN)

PO Box 3005 Bahrain

TAKAFUL ISLAMIC DEVELOPMENT BANK OF BRUNEI

Negara, Brunei, Darrussalam Tel: +673 223 7220 Fax: +673 223 7045 www.idbb-bank.cim.bn and also www.takafulbpisb.com

As a fully owned entity of the Government Of His Majesty The Sultan and Yang Di Pertuan of Negara Brunei Darussalam, the Development Bank of Brunei Berhad's existence symbolizes the absolute commitment of His Majesty's Government through the Ministry Of Finance to diversify the overall banking activities in Negara Brunei Darussalam.

TAKAFUL (MALAYSIA)

Malaysia www.takaful-malaysia.com.my

Pioneering takaful company started in 1985. Set up takaful operations in Brunei, Bahrain, Bangladesh, Qatar , Quwait, Indonesia, Sri Lanka and Saudi Arabia.

TAKAFUL NASIONAL SDN BERHAD (MALAYSIA)

25th Floor, Bangunan Dato' Zainal 23, Jalan Melaka 50100, Kuala Lumpur, Malaysia Fax: 603-2694 7028 http://www.takafulnasional.com.my

Year established: 1993 Paid-up capital: USD 9.2m Established in 1993, the company is registered under the 1984 Takaful Act of Malaysia, its structure is that of a Modified Takaful whereby the surplus from its operations are divided 80% policyholder and 20% shareholder for life operations and 50% each for non-life products. The board of directors is elected by the shareholders (the Malaysian National Insurance Company and the Malaysia Islamic Economic Development Foundation). The company has 511 employees and provides individual life, group life, fire, motor, marine and aviation products through banking cooperative, agents and direct distribution. As at 31 March 2003 gross premiums as RM 523 million (USD 137 million). The company made charitable donations of RM 1.3 million (USD 340,000) in 2003 as well as a number of community based projects including sponsoring school newspapers, covering the costs of books for poor students through the National Book Development Foundation and building mosques and hostels for orphans.

TAKAFUL RE LIMITED (UAE)

DIFC, PO Box 21181, Dubai, UAE www.takaful-re.com

Shariah compliant insurance company with authorised share capital of US $500 million and a paid up capital of US $125 million.

TAKAFUL UMUM

Indonesia

Part of the Asean Takaful Group

(INDONESIA) TAKAFOL SOUTH AFRICA (PTY)

128 5th Avenue Mayfair, Johanesburg, South Africa Tel: 0860825236 Fax: 0118379688 www.takafol.co.za

Takafol South Africa (Pty) Ltd incorporated on 19 September 2003. It a majority Muslim owned company and is also majority 'Black' owned. One of the major shareholders is Hannover Reinsurance Group Africa, which is a subsidiary of the Hannover Reinsurance Group based in Hannover, Germany.

TAKAFUL TRINIDAD AND TOBAGO

20 Springvale Road, Valsayn, Trinidad & Tobago Tel: (868) 663-4541 Fax: (868) 682-1141

Takaaful T&T is a Friendly Society registered in 1999 under the Friendly Societies’ Act in the Republic of Trinidad & Tobago. Founded in 1999 by the Muslim Credit Union Cooperative Society (membership of 7,000) it provides a funeral benefit scheme and an Islamic investment fund. The objective of the scheme is to provide Islamic compliant financial products to improve the economic well being of its members and to promote their social, economic and cultural welfare. Members pay an annual Membership Fee of $20 ($5 for those under 16) and elect the board of management at the annual general meeting.

TRUST INTERNATIONAL INSURANCE COMPANY (BAHRAIN)

Trust International Insurance Company (E.C.) Bahrain-Manama Tel : (+973) 17 532 425 Fax : (+973) 17 531 586 E-mail us: mail@bahrain.trustgroup.net

Trust International Insurance Company E.C. - Bahrain-based insurance and reinsurance company. Trust International Insurance Co (TIIC) offers sizeable underwriting capacities in all Non-Life classes of business (energy, marine hull and cargo, construction, property and liability).

TUNIS REINSURANCE COMPANY (TUNISIA)

Avenue Mohammed V, 1073 Tunis, Tunisia Tel: +216 7184 4 011 Fax: +216 7178 7573

Founded in 1981 the company has a paid up capital of TND 24,400,000. The company’s financial strength rating (BBB-) is based on a relatively unfavourable level of underwriting exposure and operations, average liquidity and lower than average capitalisation level.

TAKAFUL AUSTRALIA

WATANIA CO-OPERATIVE (SUDAN)

Altadamon tower, Sixth floor, Baladia Street, Khartoum, Sudan Tel: (249) 11 782 431 Fax: (249) 11 782 438

Founded: December 1989 Founded by: Cooperative societies and other financial institutions, together with the Farmers’ Investment Bank, the Sudan Commercial Bank, Messrs Sudan Cotton Company, the Islamic Co-operative Development Bank and other

notable corporations. Philosophy/Background: The company was established to transact insurance business on a cooperative basis, thereby achieving a target to complete the ring of financial institutions of co-operative activity in Sudan, and to comply with the concept of Islamic insurance as required by the Holy Islamic Shari’ah rules. Joint ventures: Attendance at local, regional and international forums that are held to enhance development and promotion of insurance. Participation with insurance associations to plan and implement policies to promote and upgrade insurance services in Sudan.

WETHAQ TAKAFUL (KUWAIT)

Kuwait

. Wethaq Takaful Insurance Company was established in July of 2000. The principal activities of the company include takaful insurance and reinsurance. All of the activities are carried out in accordance with Islamic Shariah. The company was listed on the Kuwait Stock Exchange in December 2004.

TAKAFUL/RETAKAFUL COMPANIES - EUROPE

Company Name Contacts Products General Info TAKAFOL UK Cornwall Bldgs, 45

Newhall St, Birmingham, B3 3QR Tel: 0121 233 3474 Fax: 0121 233 3529 Web: www.takafol.net

Modaraba Al Takafol Savings Plan A “halal” method of saving for the future. Can be done annually, monthly for medium to long term savings needs (i.e., car, house, holiday purchases or for retirement) Modaraba Al Takafol Education and Marriage Plan A “halal” method of medium to long term savings for family educational needs and wedding costing. Modaraba Al Takafol Hajj/Umrah Plan A “halal” savings plan for performing the pilgrimage. Modaraba Al Tadamon Plan Short term savings plan with more flexibility and accessibility for any purpose. Modaraba Al Takafol Lump Sum Investment Plan Savings and Investment in a “halal” method with or without takaful benefits. � Individual Savings

Accounts � Mortgages � Pensions � Income and Growth

Bonds � Mortgage

Protection � Family Income

Benefit � Life Protection � Health Protection

Capitalisation: 350,000 shares of £1.00 each Company is currently carrying over a loss of £16.400 for the 2003 financial year Shareholders: Mohammed Aslam - 100% shareholding (350,000 called up shares held) Investors: There are no investments mentioned nor planned. Basic Info: Takafol (UK) Ltd was established in 1983 to cater for the need of Muslims residing in the UK offering them Islamic investment opportunities provided by Takafol S.A in Luxembourg.

� Long Term Care � Medical Expenses

Cover � IFA Services

TAKAFOL SA (LUXEMBOURG)

3 Rue Alexandre, Flemming, L-1525 Luxembourg Tel: 00352441067 Fax: 00352441206 Web: www.takafol-luxembourg.com

The Company offers savings contracts with life cover mainly (but not only) to Muslim minorities living in Europe. It issues life insurance policies (Saaks), collects premiums (instalments), provides management services, invests the policyholder funds in Modarabas, distributes profits according to the unit-linked system, and pays Takafol benefits (death benefits) to the heirs of the Saakholder in the event of his/her death. Takafol benefits are paid from the Takafol Fund which is made up of small portions donated by the Saakholders from their instalments.

The product range offered by Takafol (UK) Limited are all Takafol S.A. products.

The company has an agreement in place with a company called JE Frank Warner for its reinsurance requirements. They do not provide retakaful, but have created a specialised contract to ensure that the needs of Takafol SA are met as closely as they can be by a conventional reinsurer.

Investors: Financial links are with the trust/group Dar Al-Maal Al-Islami Basic Info: Incorporated in December 1982 in the Grand-Duchy of Luxembourg as a life insurance company and is today a wholly owned subsidiary of Faisal Finance (Luxembourg) S.A., a member of the Dar Al-Maal Al-Islami Group (DMI). Previously known as the Islamic Takafol Company (Luxembourg).

IHLAS SIGORTA AS (TURKEY)

Ihlas Holding Merkez, Binasi 29, Ekim Caddesi, Finans Blok, 5.Kat No.23, 34530 Yenibosna, Istanbul Tel: 0090 212 454 1000 Fax: 0090 212 454 1198 Web: http://www.ihlassigorta.com.tr

The company does not now deal with Takaful insurance products, only conventional insurance, since Islamic insurance products are neither promoted nor sold in Turkey.

TRYG (DENMARK)

Klausdalsbrovej 601, DK-2750 Ballerup, Denmark Tel: 0045 70 11 2020 Fax: 0045 44 20 67 00 Web: www.trygvesta.com

Involvement with Takaful: With an A.M. BEST rating of A- (Excellent) in April 2003 TBI provides reinsurance coverage to Takaful operators in Sudan, Saudi Arabia, United Arab Emirates, Bahrain, and Yemen as well as conventional insurers in most middle-east countries.

Strategic issues: The functional organization of the Tryg Group is business and customer-orientated, which supports the group's business concept and objectives with regard to customer-orientation, profitability, and consolidation. The group's size establishes the financial basis for realizing its aim of achieving profits as well as bringing about effective and multi-pronged distribution channels tuned to the demands and requirements of the individual customer segments.

Basic Info: TrygVesta was established in 2002 as a result of the acquisition by Tryg i Danmark smba of Nordea's general insurance activities. TrygVesta is the second largest supplier on the Nordic market for general insurance and is named after the two largest companies in the Group: Tryg in Denmark and Vesta in Norway. TrygVesta consists of Tryg, Denmark's largest general insurance company, Vesta, the third largest in Norway, Dansk Kaution (Denmark) and Enter (Norway). The Group also has a rapidly growing branch office in Finland. TrygVesta has around 2 million personal customers and employs a total of 3,800 people. Tryg is the Company together with Best Re that has been involved in takaful.

FOLKSAM GENERAL MUTUAL INSURANCE SOCIETY (SWEDEN)

Folksam Building, S-106 60 Stockholm, Sweden Tel: (46) 8 772 60 00 Fax: (46) 8 702 96 21 Web: http://www.folksam.se/

Involvement with takaful was with a collaboration with Swedish Muslim Council. Folksams product innovations include:

automobile: providing brand insurance; householders': development of group cover concept for trade unions; life: development of the member pension to offer protection to members of cooperative societies as well as trade unions. regularly published report on interior safety level of cars; various research on injuries, environments and other insurance related matters

The company was founded in 1908 (Folksam General Mutual Insurance Society), 1914 (Folksam Life Mutual Insurance Society) by Consumer cooperatives and trade unions.

The Folksam Group's two mutual societies—for life and for general insurance—are closely linked to the cooperative and trade union movements in Sweden. These movements in fact act as electoral bodies for the selection of policyholder representatives at Folksam's Annual General Meeting. Folksam's primary mission is therefore quite naturally to serve the interests of these organizations and their members by designing and marketing insurance products adapted to their real needs and at the lowest possible cost. Folksam believes strongly in using its data and insights to, as far as possible, prevent or minimize accidents and other insurance "events" and when accidents, etc., do occur, to emphasize rehabilitation measures.