Fortitude, Al-Aqeelah to set up Takaful venture in Syria

Fortitude Capital Sdn Bhd, a fund manager, is teaming up with Kuwait's Islamic investment group Al-Aqeelah to set up a Takaful company in Syria.

The two parties signed a memorandum of understanding here yesterday towards forming the joint venture in that country by early next year.

It will be Al-Aqeelah’s first Takaful operations. Al-Aqeelah also announced the appointment of Fortitude Capital chairman and Malaysia-Syria business council chairman as its representative in Asia.

“We have full confidence in Fortitude’s experience and expertise in managing Takaful operations in Malaysia,” Al-Aqeelah group chairman and managing director Sheikh Hamed M Khajah said, adding that it wanted to transfer Fortitude's know-how for the proposed Takaful operations in Syria.

Speaking to reporters after the signing ceremony, other than the financial services sector, he also invited other Malaysian companies to join forces with the Al-Aqeelah group for other ventures in real estate and aviation.

Via The Edge Daily.