Business | General

Dubai Group unit acquires 51% stake in Al Fajer Re

Dubai Group, a diversified financial services company of Dubai Holding, saidon Sunday it has acquired a 51 per cent per cent stake in Al Fajer Retakaful Insurance Company KSCC through its global Sharia-compliant investment company Dubai Islamic Investment Group (DIIG).

  • Staff Report
  • Published: 00:21 February 4, 2008
  • Gulf News

Dubai: Dubai Group, a diversified financial services company of Dubai Holding, saidon Sunday it has acquired a 51 per cent per cent stake in Al Fajer Retakaful Insurance Company KSCC through its global Sharia-compliant investment company Dubai Islamic Investment Group (DIIG).

Al Fajer Re, a closed Kuwaiti shareholding company, is the first licensed retakaful company in Kuwait and the third in the Gulf region with a paid up capital of $178.5 million.

Headquartered in Dubai, Dubai Islamic's investment in Al Fajer Re marks Dubai Group's foray into the retakaful sector as a first step to drive the segment globally.

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