Islamic Finance

UAE Islamic bank Al Hilal completes sale of takaful unit

Al Hilal Bank, the Shariah-compliant wholly-owned subsidiary of Abu Dhabi Commercial Bank, has completed the sale of its takaful subsidiary to Siraj Holding LLC.

The bank did not reveal the terms of the sale.

ADCB said in a bourse filing on Tuesday (June 9) that Al Hilal Takaful’s divestment was a strategic decision to focus on retail banking services, primarily through digital channels.

Al Hilal Bank was acquired by ADCB in May 2019 after the merger between ADCB and Union National Bank. The three banks fully merged in April 2020.

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