UAE's Al Hilal Bank has agreed to sell its takaful business to Siraj Holding LLC, the company said in a statement on Thursday (Jan 16).
The transaction is expected to be completed in the first quarter of this year, subject to regulatory approval.
The bank said it decided to offload Al Hilal Takaful to focus on its retail banking services, primarily through digital channels, and to divest non-core busineses.
Al Hilal Bank is a wholly-owned subsidiary of Abu Dhabi Commercial Bank.
Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank merged in May 2019, with Al Hilal operating as a separate Islamic entity within the merged bank.
© SalaamGateway.com 2020 All Rights Reserved