Hassan Al Serkal: "The listing enables investors to benefit from Takaful sector's enormous opportunities growth in line with Dubai's position as the capital of Islamic economy globally"
Mohammad Nasr Abdeen: "Orient UNB Takaful will offer a range of innovative products and Sharia compliant financial services and insurance products to the customers"
Omer Hassan Al Elamin: "The Listing of Orient UNB Takaful in Dubai Financial Market is a step towards achieving its objectives and vision to provide and develop Islamic Takaful products in a way that give more choice to the clients and policy holders".
Dubai, 22 June 2017
Shares of Orient UNB Takaful (PJSC) today commenced its journey with Dubai Financial Market (DFM) listing under the trading symbol (OUTFL), which appears on DFM screens, trading system and publications within the Insurance Sector. The new listing further fortifies the prominent position of DFM as the most favored listing venue for leading local and regional companies and lifts the total number of listed companies to 62.
Celebrating the listing, Mohammed Ali, Vice Chairman of Orient UNB Takaful rang the DFM market-opening bell in in the presence of Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations Division of DFM as well as senior representatives from both sides.
Mohammad Nasr Abdeen, CEO of Union National Bank said: “Orient UNB Takaful will offer a range of innovative products and Sharia compliant financial services and insurance products to the customers. With our strong and diverse capital base, we now are focused on continued expansion and delivering superior returns that our shareholders and capital market investors have come to expect of us”.
Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations Division of DFM said, “We are delighted to welcome the listing of Orient UNB Takaful on DFM, which underlines businesses’ deep confidence in DFM and its world class infrastructure, making it the most favoured listing venue for these companies once they decide to take any of their unites public. The listing of Orient UNB Takaful represents an important addition to the Takaful sector on DFM. It also enables investors to benefit from the growth of one of the key drivers of the Islamic finance industry, which has enormous opportunities for expansion considering the growing demand for sharia-compliant financial and insurance products as well as the considerable efforts to strengthen Dubai’s position as the capital of Islamic economy globally.”
Mr. Mohammed Ali, Vice Chairman of Orient UNB Takaful and deputy CEO at UNB said: “We are pleased to announce the start of official trading of Orient UNB Takaful shares on the DFM as the company embarks on this new chapter of growth. Orient UNB Takaful will offer a range of innovative products and Sharia compliant financial services and insurance products to the customers. With our strong and diverse capital base, we now are focused on continued expansion and delivering superior returns that our shareholders and capital market investors have come to expect of us.” “We would like also to thank the Ministry of Economics and Trade, ESCA and DFM for developing the local financial market and for their continuous support.”
Commenting on this development, Omer Hassan Al Elamin board Member of Orient UNB Takaful and CEO of Orient Group said “The Listing of Orient UNB Takaful in the Dubai Financial Market is a step towards achieving the company's vision and objectives to provide and develop Islamic Takaful products in a way that a way give more choice to the clients and policy holders, and to take advantage of the trend to transform Dubai as a capital of the Islamic economy.”
He added "We believe that Orient UNB Takaful, because of fundamentals strength of the UAE economy and population growth, as well as the turnout of the Islamic economy, have many opportunities for success. He also thanked the Emirates Securities and Commodities Authority and DFM.”
The listing of Orient UNB Takaful lifts the number of insurance companies listed on DFM to 16 companies including six Takaful companies.
About Dubai Financial Market
Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 Billion, DFM became a public joint stock company and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae
For further information, please contact:
Vice President – Head of Media & Public Relations
Dubai Financial Market
About Orient UNB Takaful: Country of Origin: United Arab Emirates (UAE)
Orient UNB Takaful (The COMPANY) is a Public Joint Stock Company established & abiding Federal law No. (2) for the year 2015, The COMPANY obtained registration certificate from Securities and Commodities Authorities in 23-01-2017 under no. (1047), and The COMPANY listed on Dubai Financial Market as Public Joint Stock Company.
The main purpose for establishing The COMPANY is to offer its clients in UAE Sharia compliant insurance products and services. The COMPANY is fully aware that its critical contribution to the development and growth of the UAE economy could achieved by offering Islamic insurance products and services, and offering world-class solutions to protect the economic and human interests.
© Press Release 2017