Solidarity Bahrain raises BD 12mln through preference share issuance
SICO BSC (c), a leading regional asset manager, broker, and investment bank, acted as Lead Manager and Receiving Bank, structuring and executing the offering exclusively for existing accredited shareholders of Solidarity Bahrain. The offer period commenced on June 30th and closed on July 16th, 2025, following Solidarity's Extraordinary General Meeting approval in March 2025 and receipt of all required regulatory approvals. A total of 12 million shares were issued at a nominal value of BD 1.00 per share.
This innovative issuance offered Solidarity's shareholders a unique opportunity to invest in a Sharia-compliant instrument designed to reinforce the insurer's capital structure. As perpetual securities with no maturity date, the preference shares will serve as a long-term component of Solidarity's capital base.
Jawad Mohammed, CEO of Solidarity Bahrain, commented:
'This issuance reflects our commitment to innovation and our leadership in Islamic finance. It strengthens our capital foundation and supports our growth plans. We are grateful to our shareholders for their trust and to SICO for their instrumental role in ensuring the success of this transaction.'
Najla Al Shirawi, Group CEO of SICO, added:
'We are pleased to have partnered with Solidarity Bahrain on this strategic initiative. This transaction reaffirms SICO's ability to deliver tailored, Sharia-compliant capital market solutions.'
-Ends-
About Solidarity
Solidarity Bahrain B.S.C ('SB'), a subsidiary of Solidarity Group Holding B.S.C (closed) incorporated under the laws and regulations of the Kingdom of Bahrain. SB's roots go back to 1976, with the establishment of one of the Kingdom's earliest locally domiciled composite insurance companies. Today, Solidarity Bahrain is one of the Kingdom's leading insurers, and the largest Sharia-compliant insurance provider; and benefits from being a subsidiary of Solidarity Group Holding, which is the world's largest Sharia-compliant insurance institution. The Company is distinguished by its ethical business approach, extensive range of products and solutions, and highly experienced and well-qualified team of professionals. Solidarity Bahrain is also noted for its innovative customer service initiatives. These combine the human touch with the latest InsurTech solutions that we have pioneered in the Kingdom.
About SICO SICO is a leading regional asset manager, broker, and investment bank with USD 7.4 bn in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region's major equities. Since its inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank's continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees.
Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com
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