Dubai-based Dar Al Takaful has completed its acquisition of Noor Takaful Family and Noor Takaful General, the company said in a bourse filing on Monday (July 27).
Dar Al Takaful bought the sister companies for 215 million dirhams ($58.54 million). Noor Takaful was the insurance arm of Noor Investment Group that sold Noor Bank to Dubai Islamic Bank this year.
Dar Al Takaful now adds family takaful (life) to its business. It previously offered general takaful that includes motor, marine, fire, engineering, medical and general accident risks.
When it announced the deal in February, the company said the acquisition will allow Dar Al Takaful to “build scale and market share in the UAE by consolidating the fragmented UAE insurance market”.
Following this acquisition, UAE has 90 insurance and takaful companies, 32 of which are Emirati, according to Salaam Gateway calculation of data from the Insurance Authority.
Dar Al Takaful reported a profit of 2.545 million dirhams for the first quarter of this year, according to its most recently filed financial statements.
The Islamic insurer will be headed by CEO Rajesh Sethi.
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