Islamic insurance merger creates UAE giant
Wednesday, 12 20 2017, Category: Islamic Insurance, Country: U.A.E
Takaful Emarat has agreed to acquire Al Hilal Takaful from Al Hilal Bank in an all-cash transaction that will create the largest Islamic insurer in the UAE, based on 2016 gross written contributions.
The move is viewed as part of a consolidation drive in the Gulf’s takaful sector and the wider regional insurance market as local players look at mergers and acquisitions to offset weak profitability.
A recent report by E&Y said performance had been knocked by low interest rates, a stagnant real estate market and, until recently, insufficient regulatory oversight.
A statement said Takaful Emarat provides life and health takaful insurance for customers, mostly in Dubai and the Northern Emirates.
Al Hilal Takaful operates with a general license, offering a wide range of cover for individual and corporate customers, primarily in the emirate of Abu Dhabi.
Source: Arab News