Tunisia: Finactu to lead the sale of Zitouna Takaful and Banque Zitouna
Source: Middle East Insurance Review | Feb 2018
Al Karama, the holding company which manages a significant number of the companies and assets seized by the Tunisian State, has entrusted the sale of Banque Zitouna and Zitouna Takaful to a consortium led by consulting firm Finactu following an international call for tenders.
Al Karama Holding, wholly-owned by the Tunisian State, under the supervision of the Ministry of Finance, manages more than 50 companies which were seized after the 2011 Revolution, and organises their sale in the best possible conditions.
Other members of the consortium include: BDO (the fifth-largest accounting group globally); Auxilium Consulting (a Tunisian consulting group providing consulting and accounting services); and law firm Adly Bellagha & Associés.
Finactu and the consortium will have to propose a sales strategy to Al Karama, conduct a thorough due diligence of the two institutions, develop a marketing strategy and solidify the process of transfer of control (58% or more of Banque Zitouna’s capital and 88% of Zitouna Takaful’s).
Mr Patrick Ouniche, who is involved in the operation with the Finactu team, said: “These two divestitures constitute a rare opportunity for access to the leaders of Islamic finance in Tunisia: less than six years after its creation, Banque Zitouna counts more than 112 branch locations and has recorded more than 30% growth per year. Zitouna Takaful insurance company dominates the Islamic insurance market with a market share of more than 50% in this segment.” M