Siraj Holding acquires Al Hilal Takaful
Siraj Holding, a private investment firm chaired by Ahmed Khalaf Al Otaiba, formally acquires Al Hilal Takaful from Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB). With this acquisition, Siraj Holding marks a new phase of operations for Al Hilal Takaful, establishing it as the provider of various Takaful solutions for individuals, employers, and government entities across the UAE. The acquisition is expected to strengthen the Shariah compliant Islamic insurance offerings with elevated services for clientele.
Ahmed Khalaf Al Otaiba, Chairman of Siraj Holding, said, “With the limited number of Takaful institutions in the market, we have long observed a gap in services and offerings in the sector. Our vision is to refine the offerings in the industry and develop tailormade solutions for today’s consumers in the UAE. We will do this by applying innovative technologies and by developing new approaches. We are also bringing together a league of experts and transform Al Hilal Takaful into a world-class insurance frontrunner and are committed to offering clients outstanding solutions for all their protection needs.”
A new group of board members were appointment as part of the acquisition, and the operations of the company will be led by Thomas Joe as Chief Executive Officer who will expand the product offerings of Al Hilal Takaful and further grow the business.
The transaction was approved by the shareholders, the securities and commodities authority, the insurance authority in line with all other regulatory compliance authorities.