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Thu 16 Jan 2020 03:05 PM

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UAE's Al Hilal Bank agrees to sell Islamic insurance business

Subsidiary of Abu Dhabi Commercial Bank to sell Al Hilal Takaful to Siraj Holding

UAE's Al Hilal Bank agrees to sell Islamic insurance business

Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank.

Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB) has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding.

The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval, according to state news agency WAM.

It cited a statement saying the transaction decision is driven by Al Hilal Bank’s decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non core businesses.

"The transaction will not impact the profitability of Al Hilal Bank or the wider ADCB Group," it added.

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