Dubai’s Dar Al Takaful (DAT), an Islamic insurance company, has completed the acquisition of its competitor Noor Takaful, it has been confirmed.

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 Monday.

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.