Jordan: Solidarity inks bancassurance agreement with Islamic International Arab Bank
Source: Middle East Insurance Review | Apr 2025
In a strategic move to strengthen banking partnerships and further expand and diversify its distribution network, Solidarity First Insurance (Solidarity) signed a cooperation agreement with Islamic International Arab Bank (IIAB) to issue bancassurance policies through electronic channels and through the bank’s branches across Jordan. This makes Solidarity the first shariah-compliant insurer to sign such an agreement with the bank, said the provider in a press release.
This partnership aims to enhance integration between the banking and insurance sectors and provide innovative insurance solutions that meet the needs of individual and corporate customers, in line with Islamic shariah principles.
The agreement will also focus on enhancing digital channels in sales operations by adopting the latest AI and e-commerce technologies. This will contribute to improving the customer experience and facilitating faster and more efficient access to insurance services.
Signing the agreement, Solidarity First Insurance CEO Alaa Abdul Jawad said, “We are proud of this pioneering step that reflects Solidarity’s commitment to providing shariah-compliant insurance solutions and strengthening its relationship with the banking sector. This agreement opens new horizons for providing distinguished insurance services to our customers through the Arab Islamic International Bank. The focus on digital channels and AI will enhance the efficiency of insurance operations and provide a seamless and innovative experience for our customers.”
Commenting on the agreement, Islamic International Arab Bank general manager Iyad Al-Asali said, “This agreement is in line with the bank’s ongoing plans to develop and provide value-added products and services to our customers, contributing to meeting their needs and aspirations. We are always keen to provide the best services to our customers.”
This agreement is part of Solidarity First Insurance Company’s strategy to expand and provide advanced digital insurance services, enhancing customer confidence and keeping pace with developments in the banking and insurance market in Jordan. M