Big moves in the UAE as two giants merge to create… 'erm, a bigger giant? It's been announced that the shareholders of Islamic insurance companies Dar Al Takaful and National Takaful Company (Watania) on Tuesday voted in favor of a merger that will create the UAE’s largest takaful provider by market share. The $707m merger will see shareholders of Watania receive shares in DAT, which will be the entity that will continue to be listed on the Dubai Financial Market.
The Islamic insurance companies had announced the proposed deal last month, in a move to consolidate share and build scale in the UAE market. The merger is expected to be completed in the third quarter of 2022.
Why it matters
The combined power of the group allows it a strong position to expand product offerings and offer competitive terms to policyholders. It will also look to improve customer service off the back of the ability and increased ambition to invest in new ideas and technologies.
