Sharia-compliant insurance company Dar Al Takaful has changed its name on the Dubai Financial Market, or DFM, to Watania International Holding following its merger with National Takaful Company (Watania) last year to create the UAE's largest insurance provider.
Its DFM trading symbol “DARTAKAFUL” also changed to “WATANIA”, with both changes taking effect when the Dubai stock market opened on July 27, the company said on Thursday.
The changes come after the two Sharia-compliant insurers, Dar Al Takaful and National Takaful Company, better known as Watania, completed their merger in July 2022 after securing the approval of regulatory authorities and shareholders.
“The change comes one year after our strategic merger and promotes name and brand recognition by the investor community as well as overall market participants,” Ali Aldhaheri, chairman of Watania International Holding, said.
The listed entity, WIH, remains focused on the takaful industry.
The change of the company name and trading symbol on the DFM follows the shareholders’ approval in March 2023 and the completion of regulatory requirements.
They reflect the “new corporate identity launched earlier this year following a strategic brand architecture review undertaken” after the merger, with the aim of bringing all business lines under the Watania moniker, according to a statement.
The company's name and trading symbol changes will have no effect on its business strategy and objectives, it said.
No action is required by the company’s current shareholders as a result of this change, it added.
The UAE insurance market is expected to grow at a compound annual rate of 4.1 per cent between 2021 and 2026, accounting for 43.7 per cent of the GCC region's gross written premiums during the period, Alpen Capital said in a report in February.
