Tunisia: Al Baraka Group increases stake in El Amana

Source: Middle East Insurance Review | Jun 2023

Regional banking group, Al Baraka Group, has received approval from the Financial Market Council to purchase 270,000 shares of the Islamic insurance company El Amana Takaful.

This stake of 19.15% in El Amana is bought from the Tunisian-European Insurance and Reinsurance Company (CARTE) that sold 180,000 shares (12.77%) and CARTE Life which disposed of 90,000 shares (6.38%). Prior to the acquisition, Al Baraka Group already held 29.77% of the capital of El Amana, according to information on the takaful company’s website.

The deal, which is part of the Al Baraka Group’s growth plan, aims to enable the group to diversify its products and services and respond better to customer needs.

El Amana was established in 2013 by Al Baraka Group and several insurance and reinsurance companies in the Tunisian market. M

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