Dubai’s Dar Al Takaful (DAT), an Islamic insurance
company, has completed the acquisition of its competitor Noor Takaful, it has
The insurer had earlier signed a
deal to acquire the entire shares of state-backed Noor Takaful, a subsidiary of
Noor Investment Group, for a sum of 215 million UAE dirhams ($58 million).
“The share transfer of Noor
Takaful General and Noor Takaful Family to Dar Al Takaful is now complete,” the
company said in a bourse filing with the Dubai Financial Market (DFM) on
Following the purchase, which is
expected to strengthen DAT’s presence in the industry, the company has also
appointed Rajesh Sethi as its new chief executive officer (CEO).
According to international law
firm Baker McKenzie Habib Al Mulla, which has advised the insurance firm on the
acquisition, the transaction has been approved by DAT shareholders, the
Emirates Securities and Commodities Authority (ESCA).
“The deal also reflects the
broader trend of consolidation in the insurance industry and in UAE growth
sectors more generally,” Omar Momany, partner and head of the corporate/M&A
and commercial practice at the law firm had said in a statement.
Dar Al Takaful was established in 2008
with a paid-up capital of 150 million UAE dirhams and provides Sharia-compliant
solutions, including casualty and property insurance.