SICO Successfully Completes BD 12 Million Capital Raise for Solidarity Bahrain — Marking Bahrain’s First-Ever Sharia-Compliant Tier 1 Preference Share Issuance

Solidarity Bahrain B.S.C., a leading Islamic insurance provider, has successfully raised BD 12 million through the issuance of Bahrain’s first Sharia-compliant, non-voting, non-cumulative, perpetual Tier 1 capital preference shares. The landmark transaction, offered via private placement to accredited shareholders, is aimed at strengthening the company’s Tier 1 capital and supporting its long-term growth strategy.

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 Shariacompliant 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.”

For the full release in English & Arabic, click here