Tunisia: Majority share of Zitouna Takaful placed on the block
Source: Middle East Insurance Review | May 2018
The Tunisian government, Al Karama Holding and the Portfolio Investment Company, the majority shareholders of Zitouna Takaful and Zitouna Bank, have decided to proceed with the sale of a single block of shares representing 70% of Zitouna Takaful and 69.15% of the capital of Zitouna Bank by an international call for tenders.
The sale is to be made to a strategic investor, whether Tunisian or local, who will have the ability to manage and develop the insurer and bank.
The assignment process includes a pre-qualification phase, followed by a financial offer phase open to all pre-qualified candidates.
Tender forms are available from 4 April 2018 at Al Karama Holding headquarters. Pre-qualified candidates will be notified no later than 11 June 2018.
Zitouna Takaful is the first insurance company in Tunisia operating according to the Islamic insurance model. It has a network of 48 branches spread throughout the country.
Zitouna Bank, created in October 2009 and licensed to practise Islamic banking, has a network of 114 branches spread throughout Tunisia. M