Takaful House Company and National Takaful Company (Watania) complete the merger process to become one of the leading national Takaful Islamic insurance companies in the UAE

Dar Al Takaful Company as the combined company will start trading on the Dubai Financial Market today with a total capital

The amount of 260 million dirhams

Abu Dhabi and Dubai, United Arab Emirates: Takaful House Company and National Takaful Company (Watania) today announced the completion of their merger from July 1, 2022 in accordance with the merger plan announced on March 3, 2022, and after complying with all terms of the transaction, including final approvals from regulators and shareholders. Following the merger, Takaful House will become one of the leading national Takaful insurance providers in the UAE, and there will be a major change in business volume with the potential for significant cost and revenue synergies.

The merged company started trading on the Dubai Financial Market today under the symbol DARTAKAFUL with a total capital of 260 million dirhams. The merger will result in a significant expansion of geographic coverage and available markets. The company will also have a large base that includes more than 100 strategic partners in the insurance industry as insurance brokers and insurance service providers. The new company has retained all its powers and experiences, represented by employees of both companies, who have a large cumulative experience in the Takaful insurance sector. The new company will also retain 100% of the customers when the merger is complete.

The new Board of Directors will be chaired by Dr Ali Saeed bin Harmal Al Dhaheri. The current board members have long-standing skills, powers and experience in the financial and business sector and have high capabilities that enable them to analyze and accurately understand, what qualified them and enabled them to effectively develop the company’s strategy to explore future growth opportunities outside the United Arab Emirates.

Emirates NBD served as financial advisor for the merger transaction, Hadaf & Partners as legal advisor for National Takaful Company (Watania), Ibrahim & Partners as legal advisor for Takaful House, KPMG as assessment and financial prudential investigation advisor, Milliman actuarial completion advisor, and within the actuarial completion advisor PricewaterhouseCoopers acts as a principal consultant and Cedar International Management Consulting is an IT consultant.

Trading of the shares of the merging company begins on the Dubai Financial Market

The trading of the shares of the National Takaful Company “Watania” was suspended on the Abu Dhabi Securities Exchange (ADX) from the close of the trading session on Wednesday 15/6/2022, and the company was officially canceled from the Abu. Dhabi Securities Exchange on 30 June 2022 as part of the merger process. Upon receipt of the merger certificate issued by the Securities and Commodities Authority (SCA).

As a result, the shareholders of the National Takaful Company “Watania” acquired 0.734375 shares in Takaful House for every share they own in the National Takaful Company (Watania), making it one of the leading national companies in the field of Islamic Takaful. insurance, with a value of shares traded at an estimated 260 156 250 dirhams. The merged entity will start trading on the Dubai Financial Market under the symbol DARTAKAFUL, from today, 4 July 2022.

To celebrate this important achievement, the new Board of Directors was represented by its chairman Dr. Ali Saeed bin Harmal Al Dhaheri, mr. Matar Hamdan Sultan Hamad Al Ameri as vice chairman, mr. Abdullah Oseiran as board member, and Hamed Ali as chief executive. Officials from Dubai Financial Market and Nasdaq Dubai attended the bell ringing ceremony at the Dubai Financial Market this morning.

Hamed Ali, Chief Executive Officer of Dubai Financial Market and Nasdaq Dubai, said: “The Dubai Financial Market is pleased to present this special bell-ringing ceremony on the occasion of the completion of Dar Al Takaful Company, one of the most prominent insurance companies . which has been listed in the market since 2008, the process of merging with National Takaful Company. Of course, Dar Al Takaful Company’s zeal to strengthen the close relationship we have with it over these years through the Dubai Financial Market as the listing market for the newly selected merged entity reflects the company’s great confidence in the market and the system of integrated and world-class financial markets that provide it. ”

In turn, dr. Ali Saeed bin Harmal Al Dhaheri, Chairman of Dar Al Takaful Company, said: “I am glad that we have officially become one company with one goal, one culture and one common vision for the future. Dar Al Takaful Company has a clear strategic direction to create long-term sustainable value for our shareholders, partners and employees, in addition to providing protection and financial security to our participants (insurance policyholders).

As the Takaful insurance sector has undergone a major transformation away from retail and after consolidation, this merger has formed a scalable ecosystem with a customer-centric approach backed by the necessary data to meet the changing needs of our customers, and to to become a reliable partner for all stakeholders.

The merger has led to the formation of an effective company in the Takaful insurance sector that is able to take advantage of economies of scale to develop innovative Islamic insurance solutions in ways that the market has not seen.

across the UAE, while also looking for opportunities to transfer our expertise abroad, especially in the fragmented GCC market. ”

Major change in scale and services

Mr. Gautam Datta will continue in his role as CEO of Takaful House, backed by a senior management team consisting of highly experienced managers within the combined company and the Takaful sector. The management team will join forces to expand, renew and develop Dar Al Takaful as one of the leading companies in the Takaful insurance sector in the UAE, paving the way for further growth in the GCC region and beyond in the future. .

Through the merger, Takaful House is in a strong position to benefit from achieving significant cost and revenue synergies, reducing operating expenses and providing better IT platforms to expand the scope of its products geographically, while maintaining its competitiveness in the market and performing its services better. . The company will also benefit from its modern operating model to enhance sales opportunities and opportunities by increasing its geographical scope and benefiting from its large underwriting capacity, with the aim of improving reinsurance and reinsurance conditions and providing reliable, more comprehensive and distinctive coverage for participants.

Gautam Datta, CEO of Dar Al Takaful, said: “We have the vision and deep experience to immediately start implementing our ambitious plans to build a groundbreaking Takaful insurance company at national and regional level, based on product innovation, service excellence, productivity and shareholder value creation.

Our merger has radically changed the size of the Takaful House Company and improved our financial strength and flexibility. Relying on our talented pool, infrastructure expansion, partner network and robust data-driven approach, Dar Al Takaful is well positioned to reach a broader customer base and meet their needs in the UAE market or beyond.

The Takaful / insurance industry is poised to grow as the region enters a new era following the end of the worst effects of the COVID-19 pandemic. We are building a robust, scalable, adaptable and best practice-based business model, backed by clear values ​​that will be able to meet the changing demands of customers and the market in general. ”


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For more information, please contact:

Noha Habib at: noha.habib@instinctif.com

About Dar Al Takaful Company SAOG

Dar Al Takaful PJSC was established in 2008 as an insurance company that complies with Shariah. In 2020, it completed the acquisition of Noor Family Takaful Company PJSC and Noor Takaful General Company PJSC. Noor Takaful, an award-winning insurance company, was awarded the Prestigious Insurance Brand of the Year 2021, awarded by Global Banking and Finance Review, in addition to being named Best Takaful Company 2021 and Most Innovative Takaful Company 2021, both awarded by World Business Lookout .

In 2022, Dar Al Takaful Company and the National Takaful Company (Watania) completed the merger process to become one of the leading national Islamic Takaful insurance companies in the United Arab Emirates with a total capital of 260 million dirhams. The combined company (Takaful House) trades on the Dubai Financial Market under the symbol DARTAKAFUL and focuses on deepening its relationships with its clients, benefiting from economies of scale, and providing better financial protection and security for policyholders. Taking advantage of its large underwriting capacity, the company also strives to provide reliable, more comprehensive and distinctive coverage to the participants, which qualifies them to reach a wider customer base and meet their needs in the UAE market. , with further growth expected in the GCC region.

The vision of Dar Al Takaful PJSC is to provide protection and peace of mind to policyholders. In line with his vision, Dar Al Takaful offers innovative ethical insurance solutions and cultivates a culture of excellence among its employees. It supplies a full range of Takaful products – general, medical and family – to individuals and companies in the UAE. Dar Al Takaful offers its services through its head office in Dubai, its website and its branches in Abu Dhabi, Sharjah and Ajman.

For more information, please visit: https://dat.ae

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