Islamic insurance companies Dar Al Takaful (DAT) and National Takaful Company (Watania) said their merger is expected to take place in June.
The effective date of merger, which has received a unanimous support and recommendation of the DAT and Watania boards, will be June 14, the entities said in a regulatory filing to the Dubai Financial Market on Thursday.
“If you are in any doubt as to the action you should take, it is recommended that you seek your own independent financial advice from a financial advisor licensed by SCA [Securities and Commodities Authority] and independent legal advice from your lawyer or other appropriate independent legal advisor,” they said in the shareholder circular.
Following the merger, Watania will be dissolved pursuant to the provision of Article 293 of the Companies Law.
“Upon the merger becoming effective, the assets and liabilities of Watania will be assumed by DAT on the effective date in consideration for the issue of new DAT shares to Watania shareholders," the statement said.
The combined group is “well positioned to provide support for the UAE's economic vision and to play a key role in the country's growth, diversification and development of the local takaful market”.
It is expected to boost the “financial and operational resilience of the combined group, which is expected to benefit from an increase in scale, improvement in portfolio mix and balance sheet”.
The UAE insurance market is expected to grow at a compound annual rate of 4.1 per cent between 2021 and 2026, Alpen Capital said in a February report.
Through the market consolidation, DAT and Watania aim to consolidate the highly fragmented takaful industry.
Besides creating value for their shareholders and maximising their returns, the new company aims to produce “sustainable and secure long-term returns” from the development and management of, and investment in, its takaful insurance activities.
It will focus on growing its position in its core markets and diversifying the revenue streams, the entities said.
The combined portfolio will have a mix of medical, motor and family takaful, and a more balanced business mix between Dubai and Abu Dhabi.
“A larger portfolio will allow the combined group to enhance its technical analysis capability and expand product portfolio and mitigate risks,” the companies said.
Abu Dhabi-listed Watania acquired a 4.9 per cent stake in DAT in May 2020 for Dh5.88 million ($1.6m). The move was aimed at generating investment income by way of capital appreciation and dividends in the future, the company said at the time.
The same year, Dubai-listed DAT bought competitor Noor Takaful for Dh215m in cash, acquiring its Noor Takaful General and Noor Takaful Family units.
Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
The Written World: How Literature Shaped History
Martin Puchner
Granta
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
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South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
HOW TO WATCH
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more from Janine di Giovanni
More from our neighbourhood series:
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
ODI FIXTURE SCHEDULE
First ODI, October 22
Wankhede Stadium, Mumbai
Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune
Third ODI, October 29
Venue TBC
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
