Hadef & Partners advise Watania on its merger with Dar Al Takaful

The shareholders of two of UAE Islamic insurance companies, Dubai-based Dar Al Takaful (DAT) and Abu Dhabi-based Watania, voted in favor of a merger that will result in the creation of the UAE’s largest Takaful provider, by market share.

The merger has been conditionally approved by the Central Bank of the UAE and is currently under review by the Securities and Commodities Authority with the transaction expected to be completed by Q3 2022, subject to the necessary regulatory and shareholders approvals.

Based on the proposed structure, the merger will involve a share swap, whereby shareholders of Watania, now listed on the Abu Dhabi Securities Exchange, will receive shares in DAT, which would be the remaining entity that will continue to be listed on Dubai Financial Market.

All DAT and Watania policies would be held by two DAT subsidiaries: Noor Takaful Family and Noor Takaful General, with DAT being the holding company that owns the two entities.

The new entity would benefit from many cross-selling opportunities through the increased geographic reach, as well as through capitalizing on larger underwriting capacity, to negotiate improved terms with reinsurers.

Hadef & Partners is advising National Takaful Company (Watania) on its merger with Dar Al Takaful PJSC (DAT). The team was led by Hadef & Partners’ head of corporate and commercial Yasser Omar (pictured).

Hadef & Partners advise Watania on its merger with Dar Al Takaful

chiara.seghi

legalcommunitymena.com

Launched in 2022 by LC Publishing Group S.p.A., it is the first digital portal addressed to the Middle East North Africa market.

In terms of contents, the website focuses on both law firms and in-house legal departments, covering the latest news and rumors on deals and operations (and the related advisors) as well as on laterla hires, moves and new appointmens and providing insights, analytical data and opinions on the professions’ main trends and topics (AI, innovation, etc.).

For further information, please visit the Group’s website www.lcpublishinggroup.com

Legalcommunity MENA
LC Publishing Group S.p.A. – Via Tolstoi 10 – 20146 Milano – Tel. 0236727659 – C.F./P.IVA 07619210961
REA 1971432 Registro delle Imprese di Milano – Cap. Soc. Euro 50.000,00 i.v.

Copyright 2022 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram