Siraj acquires Al Hilal Takaful from ADCB's unit


Siraj Holding has acquired Al 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 UAE.

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 insurance frontrunner.

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