UAE - Dar Al Takaful to buy Noor Takaful for Dh215m
Monday, 06 08 2020, Category: Islamic Insurance, Country: U.A.E
Islamic insurance company Dar Al Takaful is buying competitor Noor Takaful for Dh215 million in cash, as it looks to build its market share in the industry.
Dar Al Takaful said on Sunday it had received "binding financial commitments" from UAE banks to finance the deal, which will see it buy the Noor Takaful General and Noor Takaful Family units.
"The transaction is consistent with the company’s strategy to build scale and market share in fragmented market conditions. Given the complementary nature of the business of DAT and the Noor Takaful companies, DAT expects to generate synergies from the transaction," it said in a statement to the Dubai Financial Market, where its shares trade.
Source: The National