UAE's Al Hilal Bank sells Islamic ins. subsidiary to Siraj Holding
Wednesday, 06 10 2020, Category: Islamic Insurance, Country: U.A.E
Al Hilal Bank, a wholly owned subsidiary of Abu Dhabi Commercial Bank (ADCB), completed the sale of its Islamic insurance subsidiary, to Siraj Holding.
The bank said back in January that the sale of Al Hilal Takaful is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval.
“The divestment was driven by Al Hilal Bank’s strategic decision to focus on delivering high-quality retail banking services, primarily through digital channels,” ADCB said in a statement to the Abu Dhabi Securities Exchange.