BANK ALJAZIRA TO LAUNCH FIRST TAKAFUL TA'AWUNI PROGRAM (ISLAMIC LIFE INSURANCE) IN THE KINGDOM OF SAUDI ARABIA.

Bank Aljazira announced today the first authorized Takaful Ta'awuni Program (Islamic life insurance) to be launched in the Kingdom of Saudi Arabia. Mr. Mishari I. Al-Mishari GM & CEO of Bank Aljazira confirmed that Takaful Ta'awuni Program is the first Saudi Arabian Monetary Agency (SAMA) and Sharia Advisory Board approved program to enter the local Saudi market and the first worldwide to adopt a wakala contract concept. The program also offers to all participants the opportunity to save on a regular basis through the Bank Aljazira range of SAMA and Sharia approved investment funds.

"This is a landmark development in the area of Islamic based insurance products", Mr. Mishari added. "Now individuals, families and corporations can plan for their financial future without the need to resort to non-Sharia compliant financial instruments".

Phase one of product introduction will consist of three individual products; retirement, term protection and a waqf charitable donation savings plan as well as two corporate group plans for term protection and credit protection. Over the next six months, other products that will be offered include savings and protection plans for educations and marriage expenses, a ladies savings plan, capital plans, various types of protection only plans and a range of supplementary contracts, which can be added to a base plan. In addition a group retirement plan will be a third offering to the corporate market. The products offered can provide both protection as well as savings elements for both individuals and groups.

To support the program a unique and highly specialized computer software has been designed and developed exclusively for Bank Aljazira. This software will enable all participant records to be recorded and maintained from the sales meeting, via an individualized projection or quotation produced at a clients home or office on a Bank Aljazira Financial Consultant's lap top, through to the issuing of contracts, annual statements or processing of claims or maturity benefits.

Sales of all Takaful Ta'awuni products will be based on a specially developed sales training program, incorporating ethical values and sound business practices. The Bank Aljazira Takaful Ta'awuni will be launched, commencing in Jeddah, within the next month.

For further details of this Sharia based program, contact the Takaful Ta'awuni division at the headquarters of Bank Aljazira.