UAE insurer Salama to be surviving entity in Takaful Emarat merger

Takaful Emarat (TE) is to be merged into Arab Islamic Insurance (Salama) with Salama to be the surviving entity. In a disclosure to Dubai Financial Market (DFM), Salama said the proposed merger, expected to be completed in the second half of next year, will be a cashless transaction effected by way of a statutory merger, with all assets and liabilities of TE will be merged into Salama. TE shareholders will be issued new shares in Salama, the company said, with KPMG appointed as joint valuer for purposes of determining an appropriate ratio swap. The value of the transaction is still subject to finalisation of the terms between the two parties. The statement said: “The merger presents an opportunity to realise business synergies and improve overall business performance of Salama (as the surviving entity following the completion of the merger) and enhance its capacity to capture a larger market share in the future.” It is anticipated that the merger will allow Salama to gain access to more customer segments and that a larger customer base is expected to allow Salama to extent its coverage in terms of network and service providers, the statement added. Salama’s Participating Insurer (PI) licence will help to retain and grow the legacy PI business of TE, the company AMAN disclosure In a further statement regarding another transaction with another Islamic insurer, AMAN PJSC, Salama today disclosed that its chairman, Jassim Mohamed Rafi Alseddiqi Alansaari, is the chairman of the board of directors of Salama as well as a 10.79% shareholder of Aman, and “he may or may not benefit directly from the transaction.” AMAN disclosed earlier this week that the proposed acquisition by Salama of its general takaful and group family takaful insurance portfolios would see AMAN exit the insurance business and become a holding company. (Writing by Imogen Lillywhite; editing by Daniel Luiz) imogen.lillywhite@lseg.com

UAE insurer Salama to be surviving entity in Takaful Emarat merger

DISCOVER MORE

Saudi: Jahez profits hits $15.06mln in 2022

Thursday Outlook: Asian shares subdued; Powell warns inflation fight continues

US Stocks: Wall St ends sharply lower as Powell warns inflation fight continues

Asian shares subdued after Fed hints at rate pause

Mideast Stocks: Most Gulf bourses end higher ahead of Fed rate decision

Sri Lankan shares end lower as energy weighs

Egypt: CIB’s shareholders approve 2022 dividends, capital hike

Saudi Printing’s losses shrink in 2022

Saudi SABIC names Abdulrahman Al-Fageeh as new CEO

Moody’s affirms Abu Dhabi’s Aa2 rating, maintains stable outlook

Amazon expands UAE storage capacity by 70%, opens new fulfillment centre

Will the US Fed take a pause from interest rate hikes amid banking turmoil?

Abu Dhabi's Mubadala, Ares set up $1bln JV to invest in credit secondaries

UAE: Julphar 2022 revenue jumps 41.4% to $440mln

Egypt: B Investments to pay $20.71mln dividends for 2022

Saudi: Al Rajhi Bank’s shareholders nod to 2022 dividends

Saudi: Mouwasat logs $159.73mln profits in 2022

Mideast Stocks: Most Gulf markets rise in early trade; Fed meeting in focus

LATEST VIDEO

VIDEO: Dubai’s Emaar to build shopping mall in Jammu and Kashmir

ZAWYA COVERAGE

GCC central banks track US Fed move; hike key rates by 25bps

Abu Dhabi's Mubadala, Ares set up $1bln JV to invest in credit secondaries

Egypt to get $7bln in funding as World Bank approves new development framework

Switzerland’s digital asset bank Sygnum opens Middle East hub in Abu Dhabi

Thursday Outlook: Asian shares subdued; Powell warns inflation fight continues

Dubai records over $544mln in realty transactions on Wednesday

Gold edges higher after Fed signals pause in rate hikes

UAE raises base rate by 25bp

President of UAE exchanges Ramadan greetings with Arab heads of state

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