Abu Dhabi, United Arab Emirates – June 15, 2020: Siraj Holding LLC, a private investment firm chaired by Mr. Ahmed Khalaf Al Otaiba, formally announces the acquisition of Al Hilal Takaful PSC 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 to propel it as the premier provider of various Takaful insurance solutions for individuals, employers, and government entities across the UAE. The acquisition provides Siraj Holding access to the fast-growing industry as well as the opportunity to leverage Al Hilal Takaful’s platform to develop Shariah compliant products and solutions, and scale innovative client experiences that support the firm's growth strategy.
The transaction which was approved by the shareholders, the Securities and Commodities Authority and the Insurance Authority, is poised to strengthen the Shariah compliant Islamic insurance offering with elevated services and advanced solutions. In line with regulatory compliance, the newly acquired entity will be called ‘Al Hilal Takaful, a Siraj Holding - owned company.’ However; in the near future, the firm plans to rebrand to align with the new leadership and operations following the completion of formalities.
“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 Shariah compliant insurance industry and develop solutions tailormade for today’s consumers in the UAE. We will do this by applying innovative technologies and developing new approaches. We are also bringing together a league of experts to lead the transformation of Al Hilal Takaful into a world-class insurance frontrunner and are committed to offering clients outstanding solutions to all their Takaful insurance needs,” said Ahmed Khalaf Al Otaiba, Chairman of Siraj Holding.
To evolve from its current standing; Al Hilal Takaful under the leadership of Siraj Holding, has plans to expand by activating strategic partnerships with key Islamic financial institutions and explore further opportunities for growth by adopting internationally renowned platforms into their operations. The firm’s future plans also include the introduction of Takaful Life insurance products, aimed to launch in 2021.
With the appointment of new management with significant regional and international insurance experience, Siraj Holding will re-organize and streamline the Al Hilal Takaful business to focus on accelerating growth and expansion for a consistent future in being an important partner and leader in the development of UAE’s Takaful industry.
This transaction was completed with ZEMYD Consultancy as acquisition partners and financial advisory, whilst BSA Ahmad Bin Hezeem & Associates LLP acted as the legal advisor to transaction.
Note to the Editor:
About Siraj Holding
The private investment firm Siraj Holding LLC was established in Abu Dhabi, United Arab Emirates in 2019. Founded by Ahmed Khalaf Al Otaiba, it operates as a holding company and is a preferred partner for institutional investors, governments and multinational corporations. Key areas of interest for Siraj Holding include Commercial, infrastructure, Health Services, Education Services, Sports, Real Estate, Power Industrial enterprise investment / institution and Management. The firm’s mission is to contribute to the sustainable development of economies in the GCC by creating market-leading businesses. www.sirajholding.ae