Takaful Emarat

Islamic #insurance #merger creates #UAE giant

Takaful Emarat has agreed to acquire Al Hilal Takaful from Al Hilal Bank. The all-cash transaction will create the largest Islamic insurer in the UAE. The move is viewed as part of a consolidation drive in the Gulf’s takaful sector to offset weak profitability. Mohammad Al-Hawari, managing director of Takaful Emarat, said the deal would drive growth through a wider range of takaful services and a larger customer base. The merger is subject to full regulatory approvals and is scheduled to be completed in the first quarter of 2018. The transfer of Al Hilal Takaful’s ownership to Takaful Emarat will have no impact on current takaful policies, contracts, claims settlements or the writing of new insurance business.

UAE insurer sees premiums quadrupling in 2011

Takaful Emarat wants to launch new products and as a result it expects gross written premiums to surge to Dh65 million ($17.7 million) in 2011.
Ghassan Marrouche stated that the new savings products, combined with the expectation that medical insurance will become compulsory in the United Arab Emirates would help the rise of written premiums. He added that demand is already increasing for Islamic insurance, or takaful, products in markets such as India, Pakistan, Jordan and Syria.

Takaful Emarat ties up with Reliance Asset Management

Takaful Emarat and Reliance Asset Management (Malaysia) (RAMMY), the Islamic asset management arm of Reliance Capital Asset Management, India (RCAM), became partners. Ian Lancaster, Chief Executive Officer, is the one that gave the statement.
Takaful Emarat will offer its customers three Shari’ah-compliant funds managed by RAMMY - WSF Reliance Global Shariah Growth Fund, Reliance India Shariah Growth Fund, and the proposed Shariah Equity Growth fund investing into China and India.

Syndicate content