Tunisia: Sale of Zitouna Takaful worth $121m
Source: Middle East Insurance Review | Apr 2019
The Tunisian government’s stakes in Zitouna Takaful and Zitouna Bank have been officially sold to Majda Tunisia, which is owned by Ms Sheikha Moza, mother of the current Qatari emir, Sheikh Tamim bin Hamad Al Thani.
The Tunisian government had held 70% of Zitouna Takaful and 69.15% of Zitouna Bank. The companies previously belonged to former Tunisian president Zine El Abidine Ben Ali who was ousted from power in 2011 – or members of his family – and confiscated by the state.
The stakes were sold to Al Karama Holding, a company that manages the confiscated property of Ben Ali’s relatives.
The representatives of Majda Tunisia presented a cheque for TND370m ($121m) to complete the deal. M
TND1 = $0.33