The asset management arm of UK insurer Prudential has had the nod from Saudi Arabia's Capital Market Authority to set up a new asset management company in Saudi Arabia. The new company, Prudential Jazira Asset Management, is to be a joint venture between Prudential and Bank Aljazira. Prudential Asset Management, which opened an office in the Dubai International Financial Centre in 2006, announced its decision to set up a new takaful – Islamic insurance – company with Bank Aljazira in September 2007.