IslamicFinance.de

Bahrain's Arab Insurance Group is in discussions to take full ownership of Dubai-based Islamic reinsurer Takaful Re, as regulatory moves add pressure on firms to consolidate. ARIG is planning to buy the remaining 46 percent of shares it doesn't already own in Takaful Re, subject to shareholder and regulatory approval. Major shareholders of Takaful Re include Dubai Investments, Emirates Funds, Emirates Industrial Bank and the Islamic Development Bank, each holding a 10 percent stake. The regulatory measures have already prompted some consolidation steps, like Bahrain Kuwait Insurance Co raising its stake in local peer Takaful International to 40.9 percent.