IslamicFinance.de

Private investment firm, Siraj Holding, has officially acquired Al Hilal Takaful, the Islamic insurance business and operations of Al Hilal Bank. The transaction, which was initially expected to be complete in the first quarter of 2020, was given the green light by shareholders, the Securities and Commodities Authority (SCA) and the Insurance Authority. The firm plans to rebrand and align with the new leadership and group operating model following the completion of regulatory formalities. A new group of board members was appointed as part of the acquisition, while the operations of the company will be led by Thomas Joe as chief executive officer.