Salama eyes $272mln gross written contributions with AMAN acquisition

Dubai-based Islamic insurer Salama said its acquisition of part of fellow takaful company AMAN will take its gross written contributions (GWCs) to AED 1 billion ($272 million). The two companies listed on the Dubai Financial Market (DFM) confirmed that the transaction is expected to go ahead, subject to regulatory approvals in the first quarter of 2023, following an announcement in October. Salama confirmed on Thursday that its board had approved the acquisition Wednesday night, adding that it will acquire AMAN’s non-life insurance portfolio, including its motor, medical, non-motor and group life insurance business. The newly acquired portfolio will operate under the Salama brand name, cementing its position as the UAE’s largest takaful provider, the company said. “The Target Portfolio generated AED 198.59 million Gross Written Contribution (GWC) for the first nine months of 2022 and generated AED 5.46 million of net takaful income before the administrative overheads as per published financial statements,” Salama said. “The acquisition of the target portfolio will catapult Salama to surpass the AED 1 billion GWC milestone,” the statement said. “Both companies have been key pillars for the takaful industry in United Arab Emirates (UAE) for over four decades and carry a legacy of extensive experience and customer trust,” it continued. Salama vice chairman Saeed Mubarak Al-Hajeri also said that the acquisition will allow their company to “add scale and new layers of expertise” as they continue to pursue an ambitious growth strategy. “As a leader in the UAE takaful industry for over 43 years, we see tremendous opportunity for shariah-compliant insurance solutions.” Salama also announced earlier this year that it is to merge with another Dubai-listed Islamic insurer, Takaful Emarat, in October, which is expected to be completed in the second half of 2023. (Reporting by Imogen Lillywhite; editing by Cleofe Maceda) imogen.lillywhite@lseg.com

Salama eyes $272mln gross written contributions with AMAN acquisition

DISCOVER MORE

Saudi Arabia's Al Rajhi Bank to raise $1bln with sukuk

Dar Al Takaful rebrands as Watania International Holding

UAE: Salama announces over 22% capital cut

EXIM Bank signs credit line agreement with Iraqi Islamic Bank for Investment and Development

Saudi Al Rajhi Bank to issue dollar-denominated sustainable sukuk

Abu Dhabi Islamic Bank – Egypt achieves net profit of $70mln in 2022

Saudi: Aljazira Takaful’s net profit cross $8mln in 2022

Saudi debt management unit closes $2.2bln March sukuk

Five African cities hold more than 50% of continent's private wealth

AI may affect 300mln full-time jobs: Goldman Sachs

Maldives airport temporarily shut down after Flydubai aircraft suffers tire burst on landing

Real GDP growth in the GCC region will slow to 3.5% in 2023

UAE approves 24 national initiatives to double re-export industry

Emirates NBD readies Air Lease Corp’s $600mln debut sukuk

Dar Al Takaful changes trade names of two business lines

Abu Dhabi Islamic Bank launches Customer Majlis initiative

CEO of Salama steps down citing personal reasons

Husein Al Meeza: A Shariah-compliant banker par excellence

LATEST VIDEO

VIDEO: Why is China's Belt and Road Initiative facing setbacks?

ZAWYA COVERAGE

Aldar and Mubadala to launch JV to develop ADGM office tower

Abu Dhabi's ADNOC Gas posts 2022 net profit of $4.9bln on higher prices

UAE President appoints Abu Dhabi Crown Prince, deputy rulers

Middle East, Asia-Pacific airfares surge 53%, pose threat to recovery of aviation sector - ACI

Taiwan sees less severe China reaction to president's U.S. meeting

Pakistan awaits China's decision on rollover of $2bln loan -govt source

New Zealand defence minister says military needs more resources amid growing challenges

South African private sector credit up 8.28% y/y in February

EU reaches deal on more ambitious renewable energy targets for 2030

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE