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Mar 2020

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UAE: Bank sells takaful unit

Source: Middle East Insurance Review | Feb 2020

Al Hilal Bank, a wholly owned subsidiary of Abu Dhabi Commercial Bank (ADCB), has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holdings.
 
The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval, reported Emirates News Agency. The deal value was not disclosed.
 
According to a statement released by ADCB, the transaction decision is driven by Al Hilal Bank’s strategic decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non-core businesses.
 
“The transaction will not impact the profitability of Al Hilal Bank or the wider ADCB Group,” it added. M 
 
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