Ahli United and Legal to set up insurance firm

Bahrain's Ahli United Bank said on Sunday it signed a memorandum of understanding with Britain's Legal and General Group Plc to set up an Islamic insurance company in Bahrain.

Ahli United and the British financial services firm will each own 50 per cent of the new company, the bank said in a statement on the Kuwait bourse website. The company will have capital of $200 million with paid up capital of $25 million. (Reuters)