UAE's Al Hilal Bank sells Islamic insurance subsidiary to Siraj Holding

Al Hilal Bank was acquired by ADCB in May 2019

  
A worker wearing a face mask, amid fear of coronavirus disease (COVID-19) outbreak, checks his mobile phone near the branch of Al Hilal bank in Dubai, United Arab Emirates March 23, 2020.

A worker wearing a face mask, amid fear of coronavirus disease (COVID-19) outbreak, checks his mobile phone near the branch of Al Hilal bank in Dubai, United Arab Emirates March 23, 2020.

REUTERS/Ahmed Jadallah

Al Hilal Bank, a wholly owned subsidiary of Abu Dhabi Commercial Bank (ADCB), completed the sale of its Islamic insurance subsidiary, to Siraj Holding.

The bank said back in January that the sale of Al Hilal Takaful is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval.

“The divestment was driven by Al Hilal Bank’s strategic decision to focus on delivering high-quality retail banking services, primarily through digital channels,” ADCB said in a statement to the Abu Dhabi Securities Exchange.

Al Hilal Bank was acquired by ADCB in May 2019, following the merger between ADCB and Union National Bank (UNB). (Read more here)

Full integration of the three banks was completed in early April 2020.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#UAE #Islamic Finance #Islamic Insurance #Takaful

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© ZAWYA 2020

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