Dar Al Takaful repays Dh100m of acquisition financing ahead of schedule

Dar Al Takaful has repaid Dh100 million of acquisition financing to Emirates NBD Bank in record time, despite uncertain business conditions in the past year.

Matar Hamdan Al Ameri, chairman of Dar Al Takaful, said: “We are pleased to share this great milestone with our partners and customers. The year 2020 was difficult for everyone, therefore this is a momentous achievement for the entire team at Dar Al Takaful. Through the acquisition of Noor Takaful, we increased our synergies, diversified our business, and scaled up the overall market share of our combined Takaful business, resulting in a gross written contribution jump to Dh719 million in 2020”.

“As the business portfolios of the combined entities are increasingly integrated, we expect to enhance our solvency ratio further above regulatory requirements, realize greater operational efficiencies and achieve a sustained profitable growth trajectory in 2021, to meet the expectations of our members and other stakeholders,” said Al Ameri.

In June 2020, Dar Al Takaful secured financing of Dh215 million to support the acquisition of Noor Takaful, the insurance arm of Noor Investment Group. The larger scale of the business now enables customers to access a broader range of innovative Islamic insurance products and services.

business@khaleejtimes.com