UAE: Orient Insurance to be involved in new takaful venture

Source: Middle East Insurance Review | Dec 2016

Abu Dhabi’s Union National Bank (UNB) has revealed plans to set up an Islamic insurance firm through a joint venture with Orient Insurance Company, reported Reuters.

The pair will hold a 70% stake in the new company, Orient UNB Takaful, while the remaining 30% will be offered through an initial public offering, UNB said, adding the new company will be listed on the Dubai Financial Market.

No timeline has been given about the public offering or listing.

UNB, 50% owned by the Abu Dhabi government, said the new company had received initial approval from the UAE Insurance Authority, the Securities & Commodities Authority and Dubai’s Department of Economic Development.

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