Siraj Holding, a private investment firm chaired by Mr. Ahmed Khalaf Al Otaiba, has announced the acquisition of Al Hilal Takaful from Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank.
This acquisition marks a new phase of operations for Al Hilal Takaful and establishes it as the premier provider of various takaful solutions for individuals, employers, and government entities across the UAE. The move is poised to strengthen Shariah compliant Islamic insurance offerings with elevated services for the clientele, says Siraj Holding in a statement.
The transaction was approved by shareholders, the Securities and Commodities Authority, the Insurance Authority, and is in line with requirements of all other regulatory authorities.
There are plans to rebrand and align the takaful company with a new leadership and group operating model.
“With the limited number of takaful institutions in the market, we have long observed a gap in services and offerings in the sector. Our vision is to refine the offerings in the industry and develop tailormade solutions for today’s consumers in the UAE. We will do this by applying innovative technologies and by developing new approaches. We are also bringing together a league of experts and transform Al Hilal Takaful into a world-class insurance frontrunner and are committed to offering clients outstanding solutions for all their protection needs,” said Ahmed Khalaf Al Otaiba, Chairman of Siraj Holding.
A new group of board members has been appointed as part of the acquisition.
The private investment firm Siraj Holding is established in Abu Dhabi. Founded by Ahmed Khalaf Al Otaiba, it operates as a holding company.