Shareholders of UAE-listed National Takaful Company (Watania) have approved to merge with Dar Al Takaful, according to a disclosure on the Abu Dhabi Securities Exchange (ADX) on Tuesday. 

The Islamic insurance companies had announced the proposed deal last month, in a move to consolidate share and build scale in the UAE market. The merger is expected to be completed in the third quarter of 2022. 

Emirates NBD Capital Limited is acting as the joint advisor to the two companies. The Central Bank of UAE has already issued a conditional approval for the transaction. 

(Writing by Cleofe Maceda; editing by Seban Scaria)