Private investment firm, Siraj Holding, has officially acquired Al Hilal Takaful, the Islamic insurance business and operations of Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB).
The transaction, which was initially expected to be complete in the first quarter of 2020, was given the green light by shareholders, the Securities and Commodities Authority (SCA), the Insurance Authority, and was in line with all other regulatory compliance authorities.
“With the limited number of Takaful institutions in the market, we have long observed a gap in services and offerings in the sector. Our vision is to refine the offerings in the industry and develop tailor-made solutions for today’s consumers in the UAE,” said Ahmed Khalaf Al Otaiba, chairman of Siraj Holding.
“We will do this by applying innovative technologies and by developing new approaches. We are also bringing together a league of experts and transform Al Hilal Takaful into a world-class insurance frontrunner and are committed to offering clients outstanding solutions for all their protection needs,” he added.
The firm plans to rebrand and align with the new leadership and group operating model following the completion of regulatory formalities.
A new group of board members was appointment as part of the acquisition, while the operations of the company will be led by Thomas Joe as chief executive officer.
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