Abu Dhabi's Al Hilal Bank sells its Islamic insurance subsidiary

Dubai: Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB), has completed the sale of Al Hilal Takaful, its Islamic insurance subsidiary, to Siraj Holding.

The divestment was driven by Al Hilal Bank’s strategic decision to focus on delivering “high-quality retail banking services, primarily through digital channels”, the bank said in a statement.

Al Hilal Bank was acquired by ADCB in May last year, following the merger between ADCB and Union National Bank (UNB). Full integration of the three banks was completed last April.

Early this week, Dar Al Takaful confirmed it's buying Noor Takaful for Dh215 million.