Dubai, UAE, 24 Feb 2021 – Dar Al Takaful has repaid AED100 million of acquisition financing to Emirates NBD Bank PJSC in record time, despite uncertain business conditions in the past year.
Mr. Matar Hamdan Al Ameri, Chairman, Dar Al Takaful commented, “We are pleased to share this great milestone with our partners and customers. The year 2020 was difficult for everyone, therefore this is a momentous achievement for the entire team at Dar Al Takaful. Through the acquisition of Noor Takaful, we increased our synergies, diversified our business, and scaled up the overall market share of our combined Takaful business, resulting in a gross written contribution jump to AED719 million in 2020”.
“As the business portfolios of the combined entities are increasingly integrated, we expect to enhance our solvency ratio further above regulatory requirements, realize greater operational efficiencies and achieve a sustained profitable growth trajectory in 2021, to meet the expectations of our members and other stakeholders”, concludes Mr. Al Ameri.
In June 2020, Dar Al Takaful secured financing of AED215 million to support the acquisition of Noor Takaful, the insurance arm of Noor Investment Group. The larger scale of the business now enables customers to access a broader range of innovative Islamic insurance products and services. Ends.
Dar Al Takaful PJSC is a listed entity on the DFM under the ticker [DARTAKAFUL]. It is a Leading Takaful Operator in the UAE with share capital of AED 260 million. The company was formed following the consolidation of key operators to create one of the leading Takaful providers in the UAE including the acquisition in 2020 by Dar Al Takaful of Noor Takaful and the merger in July 2022 of Dar Al Takaful with National Takaful Company PJSC (Watania).
In March 2023, the listed holding company, was renamed Watania International Holding (WIH), an investment holding company. Upon completing further regulatory conditions precedents, the Company will change its ticker on the Dubai Financial Market. The Company’s head office is located at The Galleries 2 in Jebel Ali Dubai.
Dar Al Takaful is the sole shareholder of two operating companies: Watania Takaful General (previously Noor Takaful General PJSC) and Watania Takaful Family (previously Noor Takaful Family PJSC). The two companies offer a full range of digitalized Takaful products including motor, general, technical, medical, and family to both individuals and companies in the UAE. The two companies operate full-services offices located in Abu Dhabi, Sharjah, Deira and Jebel Ali.
For more information, please call 800-WATANIA (9282642)
Or visit: www.dat.ae
For investor and media inquiries, please contact:
Noha Habib
Vice President – Corporate Communications & Investor Relations
Dar Al Takaful
noha.habib@watania.ae
+971 50 900 4127
