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Saturday, 7 July 2007

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

KUALA LUMPUR: 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. Sheikh Hamed said the Al-Aqeelah group was actively pursuing real estate developments on a massive scale that involves the rebuilding of Iraq and development of prime properties in Syria and Kuwait. The group is also involved in infrastructure development , particularly in the power sector, with pioneer projects in Bangladesh and Syria, as well as interests in the aviation, healthcare, tourism and pharmaceutical sectors.
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