With the purpose of promoting Afro-Asian economic and cultural cooperation in addition to taking a stance against colonialism, 29 heads of states from both continents assembled on the 18th to 24th of April 1955, in Bandung, Indonesia.
President Sukarno of Indonesia, Premier Zhou Enlai of China, Premier Jawaharlal Nehru of India, and President Gamal Abdel Nasser of Egypt, just to name a few, were some of the key figures at the conference who spurred on the Bandung Declaration. The declaration inspired nationalist movements across both continents, re
mapped world politics and set up the cornerstone for Afro-Asian cooperation.
Under the title of economic cooperation, the Afro- Asian Economic Organization (AFRASEC) was established in Cairo, where it held its first and second general meetings in 1958 & 1960. The meetings resulted in enhancing efficacy and attaining better achievements when it came to specific sectors. The Insurance sector was given the utmost priority and was put on the top of the adopted economic cooperation action program
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Mr. Ahmed Choukri ElHakim, Chairman of the Egyptian General Insurance Organization & Chairman of the Insurance Federation of Egypt, put forth an initiative during the fourth meeting of (AFRASEC) held in Karachi, in 1963, calling for the founding meeting of the Federation of the Afro-Asian Insurers & Reinsurers “FAIR” with the invitation of the Egyptian Government.
Founders Meeting 1964
Countries Present:
The opening session took place at the Town Hall of Cairo, on September 3rd, 1964, where the following twenty countries were present: Algeria, Burma, Cambodia, China, Egypt, Ethiopia, Ghana, India, Indonesia, Iraq, Jordan, Korea, Kuwait, Lebanon, Libya, Malaysia, Morocco, Nigeria, Pakistan, Tunisia.
The Honorary President of the meeting was Dr. Abdel-Moneim El-Qaissouni, Deputy Prime Minister of Economy & Finance representing President Gamal Abdel-Naser. The speakers in the opening and closing sessions were Dr. El-Qaissouni, Mr. Gul Mohamed, Mr. Ahmed Choukri ElHakim, Dr. Mohamed Ali Rifaat, Mr. Tsui Ping, Mr. Zahiruddin Ahmed, Mr. Ali El Shafei & Mr. Noureddine El Aneizi.
Date: 3rd to 5th September 1964
Theme: Formation of FAIR
The meeting resulted in the establishment of the Federation of Afro-Asian Insurers & Reinsurers “FAIR”, the Approvement of the Statute & Bylaws of FAIR, the adoption of the Statute and By-laws of the Federation as well as electing Mr. Ahmed Choukri ElHakim, Chairman of the Egyptian General Insurance Organization as President.
Mr. Ahmed Choukri ElHakim, stressed the need to map out the Federation’s work program, making it “general and flexible”, allowing for future benefit of experience, experiment and review, and ensuring that growth be progressive and balanced. After three days of exhaustive discussion, the representatives laid the foundation for a new era in regional collaboration among Afro-Asian countries in the field of insurance.