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COMPANY HISTORY
The
Islamic Arab Insurance Company (IAIC) is the first Islamic
Insurance Company in the world. It was originally formed at Dubai UAE in 1979.
The company had an operation at Saudi Arabia and UAE. In 2001 the management
decided to incorporate another Company with the same name at Bahrain. The
objective was to consolidate the business and improve the day-to-day management
of the Saudi Arabian operation and portfolio of the company. The New entity at
Bahrain was formed in year 2001 with a paid up capital of Bahraini Dinar
500,000/-. The paid up capital of the company was raised to BD 5,000,000/- in
June 2002 and it took over the Saudi Arabian operation of the UAE entity with
effect from 1st July 2002.
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