Takaful Emarat pays Dh37m for acquisition

Sharia-compliant health and life insurer Takaful Emarat will pay Dh37 million for the acquisition of Al Hilal Bank’s Islamic insurance entity, it said yesterday in a statement to the Dubai Financial Market. The all-cash acquisition will be completed in the first quarter of 2018 and has been approved by the federal regulator, UAE Insurance Authority. The two firms wrote over Dh900m in combined gross written contributions in 2016. Al Hilal Bank, which is focused on core business activities and implementing cost cutting measures, was advised by KPMG deal advisory and law firm Allen & Overy while Milliman and Herbert Smith Freehills, advised the Takaful Emarat.