Dubai: The Islamic insurer Dar Al Takaful has repaid Dh100 million to Emirates NBD Bank ahead of schedule and "despite uncertain business conditions in the past year", it said in a statement.
In June last, Dar Al Takaful secured financing of Dh215 million to fund its acquisition of Noor Takaful - the insurance arm of Noor Investment Group. It was one of the major consolidation moves within the local insurance space.
On the Dh100 million payback, Matar Hamdan Al Ameri, Chairman of Dar Al Takaful, said: “2020 was difficult for everyone, therefore this is a momentous achievement for the entire team at Dar Al Takaful. Through the acquisition of Noor Takaful, we increased our synergies, diversified our business, and scaled up the overall market share of our combined takaful business."
Its gross written contribution was up to Dh719 million last year. “As the business portfolios of the combined entities are increasingly integrated, we expect to enhance our solvency ratio further above regulatory requirements, realize greater operational efficiencies and achieve a sustained profitable growth trajectory in 2021,” added Al Ameri.