The signing Ceremony of the Articles of Agreement for the Establishment of ECO Reinsurance Company was held in Ministry of Commerce, Islamabad on 10th February 2010. The authorized delegates who signed the Articles of Agreement of behalf of their respective governments were Dr. Javed Farshbaf Maherian from Islamic Republic of Iran, Mr. Ayaz Hussain M. Gad, Executive Director, Pakistan Reinsurance Company Limited and H.E. Mustafa Babur Hizlan, the Ambassador of Republic of Turkey to Pakistan. Mr. Zafar Mahmood, Secretary Commerce and Mr. Waqar Ahmed Shah, Director ECO Secretariat, Iran were also present at the occasion
Quote from The News International, Pakistan (Thursday, February 11, 2010)
" The signing ceremony of Articles of Agreement for establishment of ECO Reinsurance Company was held on Wednesday. Delegates representing Iran, Pakistan and Turkey attended the ceremony.
The authorized delegates including Dr. Javed Farshbaf Maherian from Islamic Republic of Iran, Ayaz Hussain M.Gad, Executive Director, Pakistan Reinsurance Company and Mustafa Babur Hizlan, the Ambassador of Republic of Turkey to Pakistan signed the agreement on behalf of their respective governments.
Secretary Commerce Zafar Mahmood in his address underscored the need for intensifying cooperation among the ECO member states in areas of insurance, banking and finance
The secretary commerce hoped that the company would fulfil the aims and goals of serving the insurance sectors of the ECO region
. On one hand it would decrease the outflow of re-insurance business from the ECO region and on the other under the present environment of liberalization would enhance the re-insurance business beyond the ECO region
The three countries had concluded establishment of “ECO Reinsurance Company” in May 2007. After having completed the internal procedures by the three founding members of ECO, the draft Articles for establishment of the company to be headquartered in Karachi, Pakistan were signed at the ceremony
The company may initially establish liaison offices in Iran, Turkey and then in other countries in accordance with the decision of board
. The ECO Reinsurance Company shall supplement the existing reinsurance services, promote growth of the underwriting and retention capacities and support the economic development in the region. "
Quote from Daily Times Pakistan (Thursday, February 11, 2010)
" Pakistan, Iran and Turkey on Wednesday signed Articles of Agreement for establishment of ECO Reinsurance Company. Zafar Mahmood, secretary commerce, inaugurated the signing ceremony. In his welcome address, Mahmood underscored the need for intensifying cooperation among the ECO member states in areas of insurance, banking and finance. He hoped that the company would fulfill aims and goals of the insurance sectors of the ECO region. It would on the one hand decrease the outflow of Reinsurance Business from the ECO region and on the other under the present environment of liberalization will enhance the Reinsurance Business beyond the ECO region. The three countries had decided about establishment of ECO Reinsurance Company in May 2007. After having completed the internal procedures by the three founding members of ECO, draft Articles of Agreement for establishment of the company to be headquartered in Karachi was signed in the ceremony. "