| 04 Aug 2008 |
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'Takaful House' debuts on Dubai Financial Market
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DFMDFM
welcomes 63rd public joint stock company listing Trading symbol "DARTAKAFUL" allotted
Classified within Insurance sector
Dubai, August 04, 2008: Dubai Financial Market (DFM)Dubai Financial Market (DFM)
today announced the listing of Takaful House companyTakaful House company, a leading provider of Takaful insurance based in the UAE. Company shares began trading on Monday, August 4, 2008, under the trading symbol "DARTAKAFUL," which will appear on DFMDFM screens, trading systems and publications.The listing ceremony was attended by Mohammad Musabah Al Neaimi, chairman of Takaful House companyTakaful House company
; and Nasser Al Shaali, Board Member of Dubai Financial MarketDubai Financial Market, along with senior members of DFMDFM and Takaful House companyTakaful House company.The listing of ordinary shares of Takaful House companyTakaful House company was finalised and approved by DFMDFM in collaboration with the Emirates Securities and Commodities Authority (ESCA)Emirates Securities and Commodities Authority (ESCA).
The company's authorised capital and paid-up capital is AED100 million. The company has issued 100 million shares, with each share valued at a par value of AED 1.
Through an initial public offering (IPO) launched in July, the company offered 55 million shares for public acquisition, representing 55 per cent of the total capital for a nominal value of AED1 per share. In addition, non-GCC nationals can trade up to 25 per cent of the company shares.
"As the UAE's premier bourse offering a state-of-the-art platform for listed companies, DFMDFM was the first choice for Takaful HouseTakaful House to offer its shares to the public," Al Neaimi said. "Taking off from the success of the Islamic banking model in the UAE and the region, Takaful companies or Islamic insurers, are now well poised to achieve exceptional growth for investors looking to increase the value of their portfolios while reducing their exposure to risk. As an institution that is working towards becoming the region's first Sharia-compliant financial exchange, we look at DFMDFM as a long-term partner in our expansion and development.
"Takaful HouseTakaful House is in a strong position to capitalise on the huge opportunities in the Islamic insurance sector and funds generated from the IPO will be used to execute the company's expansion plans while delivering strong growth and stable returns to its investors," he added.
's entry into the Islamic insurance sector and IPO launch comes at an opportune time. The DFMDFM continues to be the most preferred bourse for local companies looking to expand their capital and tap into the growing liquidity in DFMDFM."Islamic companies have been well received by investors in Dubai and the UAE and the success of Takaful HouseTakaful House's IPO is a testament to the excellent appetite among DFMDFM's investors for Sharia-compliant businesses with strong growth potential. As the UAE's leading bourse committed to becoming the region's first Sharia-compliant exchange, such listings will provide more depth and diversification to the market's offerings and further extend the ongoing success of the exchange."
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About Dubai Financial MarketDubai Financial Market:
Dubai Financial Market (DFM)Dubai Financial Market (DFM) was established as a public institution having its own independent corporate body. DFMDFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFMDFM commenced operations on March 26, 2000.
About Takaful HouseTakaful House:
Takaful HouseTakaful House PJSC is established to write General Takaful business with an initial capital of AED100 million of which 55% of its shares are held by the public through listing with Dubai Financial MarketDubai Financial Market. The head office is based in the Emirate of Dubai, UAE.
Mawarid Finance PJSC, is one of the principal founder shareholder of the Company and has played an instrumental role in the Company's establishment.
The Company offers innovative takaful (Islamic Insurance) solutions which strictly adhere to the provisions of Islamic Sharia to the public through a comprehensive range of takaful products and services.
For further information, please contact:
Ghaleb Zeidan
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
E-mail: g.zeidan@asdaa.com
© Press Release 2008
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