Sharia-compliant insurers Dar Al Takaful and National Takaful Company, better known as Watania, are edging closer to the completion of a merger that will create the UAE’s largest Islamic insurance provider, once they receive creditor approval for the deal.
The two companies have completed the “condition precedent” of bringing their creditors on board after the 30-day period for creditors to send their opinions and objections on the deal ended on May 26, the companies said on Wednesday.
Watania also issued a notice to its policyholders in April. Their 45-day period to provide feedback or object to the proposed merger will end on June 10.
As companies progress towards completing the transaction, “we are actively preparing for our integration of all aspects of the two companies into a single takaful powerhouse for the benefit of customers and other stakeholders”, Dar Al Takaful chairman Matar Al Ameri.
Together, the two companies will provide “superior terms and policy coverage across the UAE through a growing range of innovative products”.
The shareholders of Dar Al Takaful and Watania voted separately in favour of the merger in April.
The deal is expected to be complete by the end of June, the companies said in a joint filing at the time to the Dubai Financial Market and the Abu Dhabi Securities Exchange, where their shares are currently traded.
In the share-swap deal, Watania shareholders will receive shares in Dar Al Takaful, which will be the entity that will continue to remain listed on the DFM, the two companies said.
Under the terms of the merger, Watania shareholders will receive 0.734375 Dar Al Takaful shares for every Watania share they own, valuing the merged company at Dh260 million ($70.8m).
“The operational synergies from the merger and the fusion of the energy and ideas of both companies will enable us to offer many compelling solutions to the market,” said Watania chairman Ali Aldhaheri.
“We look forward to supporting the UAE’s global leadership in Islamic finance.”
The two companies have obtained preliminary approval for the deal from the UAE Central Bank and the Securities and Commodities Authority. The merger is subject to final regulatory approvals.
Mr Aldaheri will lead the merged entity as chairman while Mr Al Ameri will become vice chairman, the companies said on Wednesday.
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Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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Qualifier: Islamabad United beat Karachi Kings by eight wickets
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Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
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The calling app is available to download on Google Play and Apple App Store
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The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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