DUBAI, UAE: Islamic Arab Insurance Company, listed as “SALAMA“, will purchase the insurance coverage portfolio of Dubai Islamic Insurance and Reinsurance Company (AMAN) which incorporates its motor, medical, non-motor and group life insurance coverage business.
The transaction is topic to customary regulatory approval and anticipated to conclude in Q1 2023.
The goal portfolio generated AED 198.59 million Gross Written Contribution (GWC) for the primary 9 months of 2022 and generated AED 5.46 million of Net Takaful Income earlier than the executive overheads as per published monetary statements.
The goal portfolio is anticipated to improve SALAMA’s existing portfolio and generate significant long-term synergies. The acquisition of the goal portfolio will catapult Islamic Arab Insurance to surpass the AED 1 billion GWC milestone.
The acquisition will improve SALAMA’s vary of options and overall competitiveness in phrases of GWC and market share, along with delivering long-term, sustainable advantages to shareholders and customers.
The acquisition of the non-life portfolio will be executed under the phrases of the agreement, as approved by the respective boards. Both companies have been key pillars for the Takaful industry in United Arab Emirates (UAE) for over 4 decades and carry a legacy of extensive expertise and buyer trust.
The mixed insurance coverage portfolios will function under the SALAMA model name, bringing collectively the aggressive leverage and strengths of two complementary insurance coverage portfolios, additional reinforcing Salama’s place because the biggest Takaful supplier within the UAE.
On completion of the acquisition and transition of Dubai Islamic Insurance and Reinsurance goal portfolio, SALAMA will additional extend its management place within the UAE Takaful industry.
Saeed Mubarak Al-Hajeri, Vice Chairman of Islamic Arab Insurance, said, “Building on SALAMA’s heritage as a trusted Islamic insurance coverage provider, we’re happy to announce the acquisition of AMAN’s non-life portfolio, bringing collectively the strength and resources of two prominent names within the insurance coverage sector.
Acquiring AMAN’s portfolio will allow us so as to add scale and new layers of expertise as we proceed to pursue an ambitious technique for growth. As a chief within the UAE Takaful industry for over forty three years, we see tremendous alternative for Sharia’h compliant insurance coverage options (Takaful) and stay dedicated to delivering considerably extra for our customers and shareholders”.