Takaful Emarat cancels acquisition

In a recent development, Takaful Emarat filed a notification with the Dubai Financial Market stating that the proposed acquisition of Al Hilal Takaful will no longer take place.

The organisation had announced the acquisition plans two years ago in a bid to create the largest takaful group in the country. The all-cash acquisition was originally set to be completed in the first quarter of 2018 and had been approved by the Insurance Authority.

“…we hereby inform you that the proposed acquisition of Al Hilal Takaful, originally announced in 2017, will no longer proceed. Takaful Emarat will continue to focus on digital led growth strategy and the creation of a new, lean and agile business model and to look for potential opportunities to expand our business into the insurance market,” stated the notification.