UAE’s Al Hilal Bank agrees to sell Islamic insurance business

Dubai: Al Hilal Bank, a unit of Abu Dhabi Commercial Bank (ADCB), on Thursday agreed to sell its Islamic insurance business and operations Al Hilal Takaful to Siraj Holding LLC.

The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval, the lender said in a statement, but did not disclose the deal amount.

“The transaction decision is driven by Al Hilal Bank’s strategic decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non-core businesses,” the lender said.

The lender added that the transaction will not impact the profitability of Al Hilal Bank or the wider ADCB Group.