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Dec 2022

Tunisia: Islamic bank gains control of takaful operator

Source: Middle East Insurance Review | Oct 2022

The Financial Market Council (CMF) has given its approval for the Islamic bank, Wifak Bank, to acquire a block of shares in Assurances At-Takafulia (Takafulia).
Wifak Bank plans to acquire a block of 1,835,999 shares in the capital of Takafulia. The number of shares represents 91.8% of the capital of the shariah-compliant insurer at the price of TND8,500 ($2,675) per share, reported Tunisia Tribune.
The bank also plans to subscribe to the 2,000,001 new shares that would be issued within the framework of a capital increase in cash of the insurer reserved exclusively for the bank. The additional shares will increase the bank’s stake in the insurer to 95.9% of the total capital of the company.
The CMF also exempted Wifak Bank from the obligation to file a draft takeover bid, either in the form of a public takeover bid or in targeting the rest of the capital of the insurer. M 
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