Dar Al Takaful and Watania complete merger to form one of the leading national Takaful (Islamic Insurance) providers in the UAE
Dar Al Takaful (DAT) and Watania, both publicly traded firms, have completed their merger, forming one of the region’s largest Shariah-compliant insurance carriers and consolidating its shares on the Dubai Financial Market. According to a release, the joined business now has a total share capital of AED 260 million ($70.8 million).
Watania, which was listed on the Abu Dhabi Securities Exchange, has been delisted. Its stockholders earned 0.73 DAT shares for each Watania share they owned for the rest of their lives. According to a press statement, the merged firm would benefit from “substantial cost and revenue synergies, decreased operating expenditures, and superior IT platforms to grow its product offerings.”
To mark the occasion, the new board of directors, led by Dr. Ali Saeed Bin Harmal Aldhaheri as Chairman, Mr. Matar Hamdan Sultan Hamad Al Ameri as Vice Chairman, and Board Member Mr. Abdullah Osseiran, were joined by Hamed Ali, CEO of DFM and Nasdaq Dubai, for a bell ringing ceremony at market open this morning.
Trading in Watania shares on the Abu Dhabi Securities Exchange (ADX) ceased as of the close of the trading session on Wednesday, June 15, 2022, as part of the merger completion process, and the company officially delisted from the ADX on June 30, 2022, following receipt of the merger certificate issued by the Securities and Commodities Authority (SCA).
The company put up a disclaimer on its website, claiming National Takaful Company (Watania) PJSC desires to announce that it is in the process of merging with Dar Al Takaful PJSC, with Dar Al Takaful PJSC surviving and Watania ceasing to exist upon conclusion of the merger. As a result, following completion of the Merger, Watania’s business, including all rights and responsibilities deriving from it, will be transferred by law to Noor Takaful Family PJSC or Noor Takaful General PJSC (wholly owned subsidiaries of Dar Al Takaful PJSC).
“I am thrilled that we have formally become one company with one purpose, one culture and one common vision for the future,” DAT chairman Ali Saeed bin Harmal Aldhaheri said in a statement, adding the merger reflects the UAE’s evolving Islamic insurance sector. “Away from fragmentation towards consolidation. DAT will focus on deepening our customer reach and activities across the UAE, while also seeking opportunities to take our expertise overseas, particularly into the fragmented GCC market.”
