Solidarity Group Holding

What Solidarity Group Holding does

Solidarity Group Holding BSC (c) is a Bahrain-domiciled closed shareholding company that operates as a holding group for Shari'a-compliant Islamic insurance (Takaful) businesses across the MENA region. Its stated vision is to be a leading regional Islamic-oriented financial services group, and it conducts operations primarily in the Kingdom of Bahrain, the Hashemite Kingdom of Jordan, and the Kingdom of Saudi Arabia through two main subsidiaries and an Associate, with ambitions extending into Asia.

The group's revenue model is built on recurring Takaful insurance premiums collected from policyholders under general and family Takaful products, distributed via B2B and B2C channels through physical branches and a digital branch launched in January 2020. Underlying technology is an Islamic Insurance Services platform supporting multi-year contracts, actuarial-based pricing, and bilingual (English/Arabic) customer servicing; the company does not publicly disclose premium rates, as pricing varies by coverage, risk profile, and policy terms. The portfolio includes Solidarity Bahrain B.S.C., Solidarity First Insurance Plc. (Jordan), Solidarity General Takaful, and the acquired Yarmouk Insurance Company, supplemented by an adjacent venture investment vehicle (Solid Ventures W.L.L.).

Solidarity Group Holding has paid-up capital of US$184 million and authorised capital of US$500 million, with ownership highly concentrated among institutional shareholders led by Amana WLL (55.91%), Social Insurance Organization (14.68%), and Qatar Islamic Bank (5.00%). The group has paid dividends consistently from 2016 through 2023 and pursues inorganic expansion across the Takaful industry, most notably via the 2019 Al Ahlia Insurance merger and the 2020 US$15 million acquisition of Yarmouk Insurance in Jordan.

Name

Solidarity Group Holding

Legal name

Solidarity Group Holding BSC (c)

Website

https://solidaritygroup.com

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

101–250 employees

Short description

Solidarity Group Holding is a Bahrain-based Islamic financial services holding company that provides Shari'a-compliant Takaful insurance products through subsidiaries in Bahrain, Jordan, and Saudi Arabia, serving individual and corporate clients across the MENA region.

Ownership category

akta.pro rank

Product category

Islamic Insurance (Takaful)

NAICS

Other Insurance Funds (52519)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

akta.pro secondary industry

Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Islamic insurance
• Takaful products
• Family takaful
• General takaful
• Shari'a compliant insurance

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Takaful Insurance Premiums: The company generates revenue primarily through Shari'a compliant insurance premiums collected from policyholders in Bahrain, Jordan, and Saudi Arabia. The Takaful model operates on mutual assistance principles where participants contribute to a shared pool to cover losses.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Solidarity Group Holding is the parent entity of a regional Islamic-oriented financial services group that underwrites and distributes Shari'a compliant Takaful (Islamic insurance) products through its subsidiaries in the Kingdom of Bahrain (Solidarity Bahrain B.S.C., Solidarity General Takaful), the Hashemite Kingdom of Jordan (Solidarity First Insurance Plc., Yarmouk Insurance Company) and an Associate in Saudi Arabia. The portfolio covers general (non-life) and family (life) Takaful lines for individuals and corporate clients, complemented by venture investments via Solid Ventures W.L.L.

Product overview

Solidarity Group Holding operates as an Islamic-oriented financial services group focused on Takaful (Islamic insurance) products. The group consists of its core subsidiaries: Solidarity Bahrain B.S.C. (primary Takaful provider in Bahrain), Solidarity First Insurance Plc. in Jordan (providing life and non-life insurance), and Solidarity General Takaful (SGT). The group also includes acquired entities such as Yarmouk Insurance Company in Jordan and previously pursued acquisition of Al Ahlia Insurance Company. The portfolio includes both general and life Takaful offerings across Bahrain, Jordan, and Saudi Arabia.

Differentiator

Problem solved

Functional benefit

Products and services

• Solidarity Bahrain B.S.C. Primary Bahraini subsidiary of the group under Central Bank of Bahrain supervision that underwrites and distributes Shari'a compliant Takaful (Islamic insurance) products through its branch network and digital branch, serving individuals and corporate clients in the Kingdom of Bahrain.
• Solidarity First Insurance Plc. (Jordan) Jordanian subsidiary providing life (family Takaful) and non-life (general Takaful) insurance coverage for individuals and businesses in the Hashemite Kingdom of Jordan via its branch network.
• Solidarity General Takaful (SGT) Bahraini subsidiary focused on general (non-life) Takaful products for individual and commercial customers in Bahrain, including motor, property and other non-life classes distributed through its branch network.
• Yarmouk Insurance Company Established Jordanian insurer (originally operating for over 30 years) offering life and non-life classes of insurance, brought into the Solidarity group via a USD 15 million acquisition completed through First Insurance P.L.C. on the Amman Stock Exchange.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• First Insurance P.L.C. JordancoreStrategic or Co-development PartnerSubsidiary of Solidarity Group Holding that acquired a controlling stake in Yarmouk Insurance Company in Jordan in September 2020 for USD 15 million. The acquisition reinforces Solidarity's position as the leading Takaful Company in Jordan.
• Yarmouk Insurance CompanycoreStrategic or Co-development PartnerJordanian insurance company acquired by First Insurance P.L.C. Originally founded more than 30 years ago, Yarmouk Insurance operates in life and non-life classes of insurance. Acquisition completed on Amman Stock Exchange for USD 15 million.
• Al Ahlia Insurance Company B.S.C.coreStrategic or Co-development PartnerSolidarity Group Holding made a voluntary conditional offer to acquire up to 100% of the issued and paid up ordinary shares, subject to minimum acquisition of 51% at an offer price of 242 fils per share. This led to the merger event between Solidarity Bahrain and Al Ahlia Insurance.
• Arab War Risk Insurance Syndicate (AWRIS)minorStrategic or Co-development PartnerAshraf Bseisu, Group Chief Executive, serves as Chairman of the Arab War Risk Insurance Syndicate (AWRIS), indicating operational partnership in specialized insurance coverage.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=boQrqnitpRU
• LinkedInlinkedin.com/company/solidarity-group-holding-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solidarity Group Holding