Takaful Emarat to acquire Al Hilal Takaful

Dubai: Takaful Emarat announced it has agreed to acquire Al Hilal Takaful from Al Hilal Bank in an all-cash transaction that will create the largest takaful (Islamic insurance) group in the UAE.

The new unit will have a combined 2016 gross written contribution of over Dh900 million. Takaful Emarat said the deal will drive growth for the group through a wider range of insurance services and a larger customer bases.

The acquisition is still subject to regulatory approvals and is scheduled to be completed in the first quarter of 2018.