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Dubai, UAE: Dar Al Takaful has repaid AED100 million of acquisition financing to Emirates NBD Bank PJSC in record time, despite uncertain business conditions in the past year.
Mr. Matar Hamdan Al Ameri, Chairman, Dar Al Takaful commented, “We are pleased to share this great milestone with our partners and customers. The year 2020 was difficult for everyone, therefore this is a momentous achievement for the entire team at Dar Al Takaful. Through the acquisition of Noor Takaful, we increased our synergies, diversified our business, and scaled up the overall market share of our combined Takaful business, resulting in a gross written contribution jump to AED719 million in 2020”.
“As the business portfolios of the combined entities are increasingly integrated, we expect to enhance our solvency ratio further above regulatory requirements, realize greater operational efficiencies and achieve a sustained profitable growth trajectory in 2021, to meet the expectations of our members and other stakeholders”, concludes Mr. Al Ameri.
In June 2020, Dar Al Takaful secured financing of AED215 million to support the acquisition of Noor Takaful, the insurance arm of Noor Investment Group. The larger scale of the business now enables customers to access a broader range of innovative Islamic insurance products and services.
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About Dar Al Takaful PJSC:
Dar Al Takaful PJSC was established in 2008 with a paid-up capital of AED 150 Million as a Shari’ah-Compliant insurance company. In 2020, it completed the acquisition of Noor Takaful Family PJSC and Noor Takaful General PJSC.
In line with its vision to provide protection and peace of mind, Dar Al Takaful offers the most innovative ethical insurance solutions and promotes a culture of excellence among its staff.
© Press Release 2021
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