Year in Review

Noor Takaful General PJSC (Motor and Non-motor) name changed to Watania Takaful General and Noor Takaful Family PJSC (Life & Medical) changed to Watania Takaful Family. This marks a significant first step in the branding transition of all business units under the Watania moniker, following the merger completed in July 2022.

The name and business object of the listed entity changed from ‘Dar Al Takaful PJSC’ into ’Watania International Holding PJSC’, and its business object to an investment holding company following regulatory and shareholder approvals. The entity’s new name was another step in consolidating all business lines under the Watania brand.

The Annual General Meeting was organized post the announcement of the audited FY22 financial results and all resolutions were approved by WIH shareholders.

Mr. Rashid Mahboob AlQubaisi joined the Board of Directors, following the resignation of Mr. Shahab Lutfi Harmoozi.

WIH teams, in collaboration with IFRS 17 consultants, actuary, and statutory auditors, diligently worked to execute the intricate retrieval and reconciliation processes for WIH’s product lines. This effort was undertaken to fulfill all regulatory, disclosure, and compliance obligations.

WIH trading symbol on the Dubai Financial Market changes to WAIANIA.

Takaful revenue saw a 41% surge compared to the first half of fiscal year 2022, while investment income soared by 238% year on year.

Investment income surged by 368% year on year to reach AED 30 million, while net loss saw a significant decrease of 75% to AED 6.6 million as compared to the net loss in the corresponding period of fiscal year 2022.

WIH female executives on list of most influential women in Islamic business and finance

Net profit of AED 13 million demonstrated highly successful turnaround strategy to recover from the net loss of AED49 million in 2022
First operating profit since the merger during Q4 with an underwriting profit of AED15 million realized across all Takaful business lines.