Bahrain: Arig eyes full control of Takaful Re

Source: Middle East Insurance Review | Sep 2015

Bahrain’s Arig is in discussions to take full ownership of Dubai-based Islamic reinsurer Takaful Re, according to a stock exchange statement lodged by the former.

Arig, which is listed on the Bahrain and Dubai exchanges, intends to buy the remaining 46% of shares it does not already own in Takaful Re. The acquisition is subject to approval by Takaful Re’s shareholders and the Dubai Financial Services Authority.

The other major shareholders of Takaful Re include Dubai Investments, Emirates Funds, Emirates Industrial Bank and the Islamic Development Bank, each holding a 10% stake.

Takaful Re, facing fierce competition in the Islamic insurance sector, reported a net loss of US$4.9 million last year. In 2013, its net loss stood at $4.4 million.

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.