Hilal Takaful from
Al Hilal Bank, a wholly-owned subsidiary of Abu
Dhabi Commercial Bank (ADCB),
according to a press release on Sunday.
Through the acquisition, Siraj Holding, a private investment firm, will
boost the operations of Al Hilal Takaful to become the premier provider of
Takaful solutions for individuals, employers, and government entities across
The acquisition will promote the Shariah-compliant Islamic insurance
offerings with elevated services for clients.
Following the transaction, approved by the
shareholders, the Securities and Commodities Authority, and the Insurance
Authority, new board members were appointed.
Meanwhile, Thomas Joe will lead the company as
its new CEO. He has a long experience in the financial services and the Takaful
sectors, which will contribute to the expansion of Al Hilal Takaful's product
offerings, according to the company's statement.
The chairman of Siraj Holding, Ahmed Khalaf Al
Otaiba, noted that "with the limited number of Takaful institutions in the
market, we have long observed a gap in services and offerings in the sector.
Our vision is to refine the offerings in the industry and develop tailormade
solutions for today’s consumers in the UAE."
Al Otaiba added: "We are also bringing
together a league of experts and transform Al Hilal Takaful into a world-class